Times get tougher for tenants as median rental price reaches new record

February 18, 2020
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Times are getting tougher for those looking for rental accommodation, with Trade Me reporting another upsurge in rental prices to start off 2020.

A Trade Me Property report released today showed that the national median weekly rent rose four per cent in January, compared with January of 2019.

The new median price is $515 per week, with Wellington holding on to its title of the most expensive region at a median price of $575 per week.

Auckland's median rose 2.7 per cent to $570 per week.

Two regions saw a very strong rise in the median price - Gisborne and Southland - which rose 36.1 per cent to $415 and 21.4 per cent to $340, respectively.

The West Coast remains the cheapest place to rent, with a median price of $260 and a year-on-year rise of four per cent.

Trade Me Property's Aaron Clancy said demand for rental properties continues to be huge.

"Plenty of tenants kicked off 2020 by looking for a new place to rent after the number of inquiries across the country rose 86 per cent on December 2019,' Mr Clancy said.

"Supply, on the other hand, simply isn't keeping up - in January we saw a 19 per cent increase in the number of properties onsite when compared to December.

"It's a tough time of year to be a prospective tenant - as many move back to the main students hubs for the university year and a lot of tenancies come up for renewal, competition ramps up dramatically and rentals get snapped up fast.

"Tenants really need to put their best foot forward to stand out from the crowd and get the place they want."

Rental properties in Newtown, Wellington were New Zealand's most-wanted, with one property on Riddiford Street receiving 159 inquiries within two days.

The report also signalled Whanganui as a "region to watch", with median rent prices rising by $55 to $360 in just one year.

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