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Wellingtonians have most expensive rent in New Zealand, Trade Me data shows

Wellingtonians have the most expensive rent in New Zealand, according to Trade Me's Rental Price Index. 

Wellington houses Source: istock.com

It follows the average rental weekly rent prices in the city hitting the $600 mark for the first time in December 2019. 

Trade Me Property’s Aaron Clancy says the city's rent has been rising the fastest out of all main centres. When compared to December 2018 it had jumped 6.2 per cent or $35 a week.

“The Wellington region is the most expensive in the country at a record breaking $580 per week and the number of inquiries we are seeing on rental properties in the area is extraordinary," said Mr Clancy.

According to Trade Me's index, areas like Upper Hutt, Porirua and Kapiti Coast have seen huge increases in  rental inquiries. Upper Hutt and Porirua rose 21 per cent year-on-year, while South Wairarapa saw an 80 per cent jump in inquiries.

While tenants are facing record breaking rents and plenty of competition in Wellington, Mr Clancy said there is some good news - the number of Wellington rentals onsite rose 10 per cent year-on-year.

“Unfortunately, however, this increase in supply doesn’t look like it will meet the huge demand in the region. We expect to see rents climb steeply throughout January, February and March of this year," he said.

Meanwhile in Auckland, Trade Me's index shows demand has jumped 20 per cent. 

“We’re seeing fierce demand for rentals in Auckland with the number of inquiries rising 20 per cent on the year prior. The number of rentals on the market in the City of Sails is struggling to meet demand with listings up just 1.5 per cent year-on-year," said Mr Clancy.

He said the median weekly rent in Auckland remained at its all time high of $560 per week for the third consecutive month in December following a 1.8 per cent annual increase.

The districts with the highest median weekly rents are North Shore City, Auckland City, Manukau City and Rodney.

Across the country, Mr Clancy said Trade Me saw an unusually strong demand in December, when the rental market is "typically pretty quiet".

He said the national median weekly rent climbed 4.2 per cent on December 2018 to remain at its $500 per week record.