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Rents on the rise again

Rents on the rise again

Residential rentals are on the rise for the first time in two years.

The latest statistics from the Massey University Real Estate Analysis Unit show that the weekly national level of median rent moved from $260 to $265 in August, to $270 in October and remained at $270 for November.

The unit’s director Professor Bob Hargreaves says before September this year the national median had been level at $260 a week since 2004.

He says the increases over the last quarter are most likely attributable to demand pressure from strong migration figures.

In percentage terms, median national weekly rents increased by 3.8 per cent over the past 12 months, marginally ahead of the consumer price index. “Also, record house prices are thought to be keeping potential buyers in the rental market for longer, adding to demand,” Professor Hargreaves says.

The strongest annual rent increases occurred in Gisborne (24.7 per cent), Palmerston North (14.2 per cent), Invercargill (13.3 per cent), New Plymouth (12.5 per cent), Wanganui (11.1 per cent) and Wellington (10 per cent).

No cities recorded a decline in rents.

The full report can be accessed at http://property-group.massey.ac.nz

ENDS

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