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If you are looking for a house in Porirua, be prepared to pay the highest median rent in the country.
For the first time, Porirua is the most expensive district to rent in the country after rents rose to a record $ 625 per week in September, according to the latest Trade Me rental price index.
Trade Me Property spokesperson Logan Mudge said the average weekly rent in Porirua hit an all-time high after rising 25 percent last September and outperforming the city of Wellington by $ 25 a week.
“Rents in Porirua have been behind Rents in the City of Wellington for a while now. Both districts were on par at $ 580 in June, but September was the first time we saw Porirua rise to the top, ”Mudge said.
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In September of last year, the median rental price in Porirua was $ 500.
Mudge said that the increase in demand, along with the slowdown in market supply, was responsible for driving up rental prices in Porirua.
Kevin Stent / Stuff
Average rental prices in Porirua were the highest in the country in September.
“In September, the number of rentals listed in Porirua was down 6 percent compared to the same month last year. Demand, on the other hand, soared 17 percent from last year, he said.
“This is the story throughout the Wellington region, it is very expensive if you are looking for a Wellington rental right now.”
Mudge said Porirua appealed to multiple tenants because she could get a larger property and traditionally pay less than in the city of Wellington.
“The tables have certainly turned this year, and we will be watching closely to see if this trend continues,” he said.
House prices in Porirua had also seen significant increases over the past year, he said.
The sale price in Porirua had risen 11 percent year-on-year, Mudge said.
The City of North Shore and the City of Wellington were tied for second in the nation’s most expensive district in rents, with both areas recording an average weekly rent of $ 600 in September.
Nationally, rents have grown 3 percent in the last 12 months.
The national median weekly income increased 3 percent year-on-year in September, from $ 495 to
$ 510.
In Auckland City, the median rent was $ 550
“This is the biggest percentage change we’ve seen since April, when the national median weekly rent grew 4 percent from the prior year,” Mudge said.
“We are starting to see the rental market return to normal after national closures change the market dramatically this year.”
The number of rentals available last month didn’t keep up with demand, Mudge said.
National supply increased only 3 percent from last year, but demand increased 18 percent, he said.
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Demand for homes has continued to outpace supply across the country.
The regions that saw the largest increases in rental demand were Bay of Plenty (32%), Nelson / Tasman (26%), Hawke’s Bay (25%) and Canterbury (23%).
According to Mudge, size mattered in terms of rental costs over the last year.
Small houses (1 to 2 bedrooms) and medium houses (3 to 4 bedrooms) saw rents rise year-over-year across the country in September, while the national average weekly rent for large houses (more than 5 bedrooms) was reduced by 2%. tp $ 825 compared to September last year, he said.
Infometrics’ chief forecaster Gareth Kiernan said the increase in rents was slightly above the expected 2.2 percent increase in household income.
The biggest gaps are generally in those regions where rents have risen the fastest, Kiernan said.
In Hawke’s Bay, there was expected to be 2.1% revenue growth and a 16.5% increase in rental prices over the past year, resulting in a 14.4 percentage point gap between both of them, he said.
In the Manawatu-Wanganui region, there was a 2.3% increase in revenue and a 15.8% increase in rental prices, resulting in a gap of 13.5 percentage points between the two.
Northland experienced a 1.5% increase in revenue and a 12.5% increase in rents, and in Taranaki, there was a 2.1% increase in revenue growth and a 12.5% increase in rentals. rental prices.
In Porirua, now the most expensive place to rent, revenue increased 2.7%, well below the 25% increase in rental prices.
Wellington’s revenue increased 1.3 percent, well below the 13.2 percent increase in rental costs, Kiernan said.
