New Zealand’s Housing Market Sees 4.4% Rise in Median National Rents

Latest data from Tenancy Services reveals a steady increase in national median rent to $600 a week, marking a 4.4% rise compared to the previous year.

New Zealand's housing market continues to experience significant changes, with the latest data showing a rise in median national rents. According to the most recent bond data from Tenancy Services, the national median rent stood at $600 a week in April. This figure has remained steady since December of last year, with the exception of a slight increase to $608 a week in January before dropping back down to $600 in February. However, when compared to April of the previous year, the national median rent has increased by $25 a week, representing a 4.4% rise.

New Zealand's Housing Market Sees 4.4% Rise in Median National Rents

In Auckland, the largest rental market in the country, the median rent held steady at $660 a week from March to April. This figure marks a $20 per week increase (3.2%) compared to the same period last year. Across New Zealand, the change in median rent over the 12 months leading up to April varied, ranging from zero in Nelson to a significant $90 per week (16.4%) in Gisborne. The latter now holds the second-highest median rent in the country, following closely behind Auckland.

The surge in rents in Gisborne is largely attributed to a housing shortage exacerbated by the impact of Cyclone Gabrielle, which resulted in a loss of homes in the region. A similar trend is observed in Hawke's Bay, as indicated in the regional figures provided below.

As the housing market in New Zealand continues to evolve, it is essential for both tenants and landlords to stay informed about these developments. The fluctuation in rents across different regions underscores the importance of monitoring market trends and making informed decisions regarding rental properties.

The rise in median national rents reflects the ongoing changes in New Zealand's housing market. With various factors influencing rental prices, it is crucial for stakeholders to remain vigilant and adapt to the evolving landscape.