Trade Me- Nov 2023

NZ Rental Market: The most recent data from Trade Me indicates that New Zealand’s median weekly rent has remained constant at $620 since June.

Trade Me Property Sales Director Gavin Lloyd stated that the decrease in rental listings and the rise in demand suggest that landlords are unlikely to reduce their rental prices in the near future. This situation has led to a highly competitive market, requiring tenants to allocate more of their budget for housing in the short term if they plan to move. The most significant gap between supply and demand is observed in the Auckland region, with rental listings in September decreasing by 26% year-on-year, while inquiries increased by 28%.

While the median rent has remained stable at $620 per week nationwide since June, renters are still experiencing a notable increase in expenses compared to the previous year. The national median rent has increased by $45, rising from $575 per week in the previous September, which amounts to an additional annual cost of $2,340 for renters. The Northland region experienced the most substantial increase in rent, with a weekly increase of $75 or 14.9%, going from $505 to $580 in the last 12 months. Marlborough saw the second-largest increase, rising by 14% from $500 in September of the previous year to $570. Auckland had the third-largest increase, with a 12% rise in median weekly rent, reaching $670. Meanwhile, Taranaki, Bay of Plenty, and Canterbury witnessed increases of 11.1%, 10.2%, and 10% in their weekly rents, bringing them to $600, $650, and $550. Wellington’s rents also surged by 6.7% to $640