Rental prices are at an all time high, up 4% from a year ago, according to the latest Trade Me Property data.
In a statement, Trade Me's Gavin Lloyd said the latest figures show a $25 jump per week.
"This follows three stagnant months where the national median weekly rent remained at $580 throughout the last quarter of 2022.
“After this period of rents cooling off, January’s jump will be unpleasant news for renters around the country.”
He said along with the new national record, the Auckland ($630), Bay of Plenty ($615), Marlborough ($550), Northland ($580), Taranaki ($580), Waikato ($540), and Wellington ($660) regions saw their highest median weekly rents of all-time last month.
“Looking at the year-on-year percentage change, the Northland (+16%), Taranaki (+14%), and Manawatū/Whanganui (13%) regions saw rents climb the furthest in January.”
Lloyd says time will tell how the market will be impacted by the Auckland floods and Cyclone Gabrielle.
"What we do know is that January marked the second month in a row where the median weekly rent in Auckland, Hawke’s Bay, and Northland reached a record high."
He said following the recent weather events, he expects supply will fall significantly and in turn put more stress on tenants in the affected regions.
In January, Trade Me released data showing rent increases in every region last year apart from Wellington.
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