Kiwis living in regional cities are feeling the pinch as rents have now hit record highs, Trade Me says.
Source: 1 NEWS
New Zealand's median rent - when the three largest cities of Auckland, Wellington and Christchurch were excluded - hit an all-time high of $395 per week in March, the property listing website found.
Head of Trade Me Property Nigel Jeffries said the hot rental market was being driven by record rental prices in Hawke's Bay ($400 per week), Northland ($400) and Southland ($275) with further increases likely.
"We expect to see the median rent in provincial areas crack $400 per week very soon," he said today.
However, the hot market outside the main cities was being offset by easing prices in Wellington and Auckland.
After a summer of ferocious rental demand, Wellington's median price fell to $485 per week in March, which was $15 per week cheaper than January's record high.
Similarly, Auckland's median rent dropped 1.8 per cent in March, compared to a month earlier, to hit $540 per week.
Yet this was still "a solid 4.9 per cent" higher than the median Auckland rent at the same time last year, Mr Jeffries said.
In Christchurch, the median price remained unchanged at $400 per week for the fourth consecutive month.