Tenants are continuing to feel the pinch in their back pocket as the national median weekly rent remains at an all-time high, according to the latest Trade Me data.
The Trade Me rental price index for August showed the national median weekly rent remained at $580 for the second month in a row, matching the all-time high first recorded in July.
Trade Me Property sales director Gavin Lloyd said renters around the country will be pleased to hear there is no month-on-month growth in rent in August but added it's still not an easy time to be a tenant.
He said it was a mixed bag for rent prices around the country in August.
"The Canterbury region saw its second record-breaking month in a row, with the median weekly rent reaching $520," Lloyd said. "The Manawatū/Whanganui region also saw a new high median weekly rent of $510 last month."
However, not every region saw rents increase last month - with Marlborough and Nelson/Tasman seeing their median weekly rents drop by 6 percent month-on-month, while Wellington, Hawke's Bay and Bay of Plenty saw rent drop by 2 percent.
Auckland rents at a five-month standstill
The Auckland region's median weekly rent remained at standstill at $600 for the fifth month in a row in August, for an increase of one percent year on year.
"When compared with the region's record-high median weekly rent first recorded in January, rents in the Auckland region fell slightly by $10 per week in August," Lloyd said.
The most expensive Auckland districts in July were North Shore City and Rodney (both $650), followed by Papakura and Manukau City (both $630), Lloyd said. The most popular rental listing in the Auckland region in August was a two-bedroom home on Ladies Mile in Ellerslie, which had weekly rent of $475 and received 305 watchlists in its first seven days onsite.
Wellington rents fall by $10
There was a bit of respite for renters in the capital, with the median weekly rent dropping by $10 in August.
The median weekly rent was $600, showing no change when compared with the same month last year - but was a drop of $10 compared to the previous month. The highest median weekly rent in the region was seen in Porirua ($680), followed by Lower Hutt ($620).
"Last month's most popular listing in the Wellington region was a two-bedroom house on Thomas St, Stokes Valley. The $520-a-week property was watchlisted 263 times in its first seven days onsite," Lloyd said.
National supply
The amount of rental properties on the market has jumped 37 percent last month compared to August 2021.
"It's worth keeping in mind that this time last year we were in a lockdown. Despite this, supply is still significantly higher than what we saw pre-pandemic, up 9 percent nationwide when compared with August 2019," Lloyd said.
The biggest improvers in terms of supply around the country were Wellington (+80 percent) and Hawke's Bay (+72 percent).
"Nelson/Tasman and Otago were the only regions to see a drop in supply last month, down 5 percent and 1 percent respectively," Lloyd said.
Along with an increase in supply, there is also a nationwide increase of 26 percent year-on-year in enquiries on rental properties in August.
"Southland saw the biggest jump, with demand in the region up 55 percent year-on-year, the biggest in the country," Lloyd said.
"The Marlborough (+44 percent), Taranaki (+40 percent), and Hawke's Bay (+38 percent) regions were not far behind."
