Renting Wellingtonians are forking out record prices to live in the region, as new figures from Trade Me reveal the median price of weekly rent passed $600.
According to the latest Trade Me rental price index, the region's median weekly rent hit a record $615 in January — passing Auckland to be the first region in the country to go over $600.
Within the Wellington region, Porirua maintained it's title as the most expensive area with an "eye-watering" median price of $680 per week, Trade Me property sales director Gavin Lloyd said in a statement today. Wellington City was close behind with a median price of $640 and Lower Hutt was $590.
Auckland also hit all-time high last month as median rent hit $590 a week.
"Wellington’s rental market was hot all through 2020 and it’s continued this form into the New Year with a huge spike in rents," Lloyd said.
"Supply has long been a problem for the capital — the number of properties in the region can’t cope with the demand."
Lloyd said another factor could be that the first two months of the year were typically "very hectic" months for Wellington as tenancies come up for renewal and students start looking for accommodation.
As well, he said Wellington house prices hitting record highs could also be a factor in the rental price spike.
"Not only are tenants having to dig deep into their pockets to rent in the capital, but they’re also struggling to find a property as the Wellington rental market continues to struggle with supply."
Nationally, median weekly rent increased by five per cent in January when compared with the same time last year, to reach a new record of $540 per week.
As well as Wellington and Auckland, there were also record median rent prices for Bay of Plenty ($550) and Nelson/Tasman ($500).
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