Rental prices have gone up for the third consecutive month in a row, with some properties reaching record highs, new figures have revealed.
Trade Me’s latest Rental Price Index, released on Wednesday, shows the national median rent was $640 in February – up 1.6 percent compared to January.
Homes with one or two bedrooms reached record highs of $550 a week and three to four-bedroom properties also reached new highs of $720 a week.
Hawke’s Bay saw the biggest increase compared to January – up 5.6 percent – with the median rent for the area now $655.
This was largely driven by Napier which rose by 11.7 percent and Hastings which grew 3.1 percent. Both cities’ median rent was $670 per week – only $10 behind Auckland.
Meanwhile, Southland retains its status as the most affordable place to rent in New Zealand, with a median price of $450 per week.
Trade Me’s property sales director Gavin Lloyd said national increases are even more stark when compared to a year ago.
“Compared to February 2023 there has been a 6.7 percent increase in the weekly median rent which adds up to over $2,000 a year, or $40 per week.”