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Wellington became the first region in the country to cross the $ 600 average weekly rental milestone, with a record high of $ 615 per week in January, according to the latest Trade Me rental price index.
It saw the capital overtake Auckland, which hit an all-time high of $ 590 in January.
“Supply has been a problem for the capital for a long time, the number of properties in the region cannot keep up with the demand,” said Trade Me property sales director Gavin Lloyd.
Are you affected by record rental prices in the capital? Contact [email protected]
Lloyd said the outlook was also not good for Wellington tenants looking for a new apartment.
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“January and February are usually very busy months for the Wellington rental market. At this time of year there are many leases to renew and students start looking for a flat for the university year, which generates a very high demand, “he said.
Ross Giblin
Wellington is now the most expensive city to rent, crossing the notorious $ 600 weekly median rental barrier.
The most popular rental property on TradeMe in January was a three-bedroom townhouse in Kelburn that received 132 inquiries in the first two days after it was listed.
“The other factor at play is that house prices in the Wellington region have also hit records. The median property sales price in Wellington has risen considerably in the last year, keeping first-time buyers in their rental property longer, while saving for a house deposit. “
NICHOLAS BOYACK / THINGS
Median home price in Lower Hutt is $ 657,100 and weekly rent has skyrocketed to $ 590 per week. (file photo)
Porirua maintained its title as the most expensive district to rent in the country with the median rent at an all-time “dazzling” high of $ 680 per week.
Wellington City followed closely with a record $ 640 per week, while Lower Hutt was $ 590.
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A four-bedroom apartment was recently listed on Marion Street in Wellington seeking new tenants for rent of $ 815 per week.
“Renters not only have to dig into their pockets to rent in the capital, they are also having a hard time finding a property, as the Wellington rental market continues to struggle with supply. In January, the number of rentals on the market was down 3 percent compared to the previous year, ”said Lloyd.
Overall national median weekly rent increased 5 percent in January compared to the previous year, hitting a new high of $ 540 per week.
The largest percentage increases were seen in Manawatu / Whanganui (17 percent), Marlborough (13 percent) and Northland (11 percent), where average weekly rents reached an all-time high.
Auckland ($ 590), Bay of Plenty ($ 550) and Nelson / Tasman ($ 500) also saw median weekly rentals hit all-time highs.
