Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>