Trade Me's latest rental price index has revealed the median rent in Queenstown Lakes has jumped 12.9 percent in January, and is the most expensive area to rent a home in the country at a hefty $790 per week.
Head of Trade me property Nigel Jeffries says the rental market in Queenstown has seen staggering growth in the past five years as there's a struggle to keep up with increasing demand.
"With the median weekly rent in Queenstown Lakes at $790, that's a whopping $240 more per week than the median rent in the Auckland region."
In a release, Mr Jeffries said the number of rental listings in Queenstown Lakes was down 18 per cent from last year as tenants are staying in rental properties longer.
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He says housing affordability is the big driver behind this rental situation.
"With the average asking price for a property in Queenstown Lakes now more than a million dollars, most renters are put off by the sheer size of the mortgage they'd need to own a property and end up choosing lifestyle over mortgage repayments."
Queenstown isn't the only place that has experienced a significant increase; Hawkes bay has also experienced an increase in weekly rent.
"The Hawke's Bay rental market experienced a solid 18 per cent jump in the average number of views per listing since May last year and this demand has put the heat on rental prices, with the median rent rising 12.5 per cent on last year to a record $405 per week," he said in a release.
While the national median weekly rent is up 5.6 percent from last year, it's remained the same for two months in a row at $475 per week.
"We're seeing a similar trend in the main centres with rents in Auckland at a stand-still - unchanged from April and sitting tight on $550 in May." Mr Jeffries said.
Newshub.
