The average rent price in New Zealand continues to skyrocket with the national median weekly rent hitting record highs.
Trade Me's latest rental price index for April showed the national median weekly rent growing to a record-breaking $580.
Trade Me property sales director Gavin Lloyd said last month's rent grew by 7 percent compared with April 2021.
"With New Zealand's national rent edging closer to $600 per week, the rising cost of food and fuel, many Kiwi households will be finding it tough," Lloyd said.
"April was the second month in a row where we have seen rents jump by 7 percent year-on-year and means tenants are now paying $40 a week more than they were this time last year."
Tenants all around the country are getting hit hard in the back pocket with all-time high median weekly rents also seen in Southland ($420), Northland ($550), and Canterbury ($495) regions in April.
"The largest year-on-year price increase was seen in Taranaki, with the region's median weekly rent growing by a whopping 19 per cent in 12 months," Lloyd said.
Lloyd said the "immense growth" in rent over the past few months in the Taranaki region was down to supply and demand.
"Last month the number of rentals in the Taranaki region dropped by 32 percent year-on-year, which really put pressure on the market, and is making it tough for prospective renters who are now facing fewer options and higher prices," he explained.
It's not all bad news for tenants in the Wellington region despite the median weekly rent increasing by 5 percent year-on-year to reach $625 in April.
"When compared with the month prior, this marked a drop of 2 percent for the region," Lloyd said.
The highest median weekly rent in the region was seen in Porirua ($695), followed by Wellington City, ($620) and Lower Hutt ($645).
Lloyd said supply in the region increased by 26 percent in April, while demand dropped by 4 percent.
Tenants in the Auckland region have avoided a big jump in prices with the region's median weekly rent at $600 in April - increasing by 2 percent
Lloyd said the most expensive Auckland districts in April were North Shore City ($660), Rodney ($630), and Papakura ($650).
The latest rental price index found demand in the Auckland region was down by 14 percent year-on-year, while supply increased by 5 per cent.
Lloyd said some areas had seen a noticeable increase in the number of vacant rental properties.
"The main centres saw by far the largest supply jumps last month, with the number of rentals available in the Wellington region skyrocketing by 26 per cent year-on-year, followed by rentals in the Auckland region increasing by 5 per cent," he said.
Lloyd said the median weekly rent for rental properties of all sizes saw an increase last month when compared with April 2021.
"Nationwide, the median weekly rent for large properties (5+ bedrooms) reached a milestone in April, at a new high of $990 after increasing by 13 per cent year-on-year."
