Prospective tenants looking to secure a property are being warned to prepare to pay more, with almost every region seeing a spike.
October saw median weekly rents rise by 4 percent compared to the same time last year, indicating demand is still outstripping supply.
Based on Trade Me Property Rental Index data, the median price of renting a property in Auckland and Wellington was up 2 percent compared to 2019, while the national median weekly rent was up 4 percent.
Trade Me property spokesperson Logan Mudge said there are simply not enough rental properties available.
"This competition is pushing rents up and keeping them high."
Manawatu/Whanganui saw the biggest increase in demand for a rental property, up 32 percent year-on-year followed by Canterbury (31 percent) and Bay of Plenty (30 percent).
What are renters paying?
Trade Me Property data from October shows the national median rental cost is $520 per week, an increase of $20 compared to the same time last year.
Apart from Gisborne and the West Coast, every region saw year-on-year rent increases in October.
"The national weekly rent equalled the all-time high we first saw in February this year and again in April," Mudge said.
"It's been over $500 consistently since April 2019 and we wouldn’t be surprised to see it hit the $550 mark in the next six months."
Wellington v Auckland
"The median weekly rent in Wellington hit $560 in October, up 2 percent on last year and $10 more than September," Mudge explained.
"Wellington rents continue to surge - with every district in the region up year-on-year.
"Interestingly Wellington City ($590) has jumped back ahead of Porirua ($575) as the most expensive district in the region after a massive September."
Auckland's median rent, meanwhile, is $570.
"Some of Auckland's districts are seeing strong price jumps with North Shore leading the pack at $620 (up 4 percent on last year) followed by Manukau City (up 6 percent) and Papakura (up 7 percent) which both are on $580," Mudge said.
One area of the region that did see a drop in rental prices was Auckland City - down 4 percent compared to last year at $550.
"With the number of rentals up 5 percent on last year compared to demand jumping 19 percent it looks likely that Aucklanders will see more rental increases in the coming months," Mudge said.
