Weekly median rent across New Zealand has returned to its record high of $550 per week as the cost-of-living crisis shows no sign of easing, National’s Housing spokesperson Chris Bishop says.

Tenancy Services’ rental bond data released today for October 2022 shows that after falling to $530 in June, weekly median rents have returned to $550 nationwide – a $150 per week increase since Labour was elected five years ago. Rents have only been this high three times since records began, and all three have been this year.

“Labour has delivered a coal-in-the-stocking Christmas gift for New Zealand renters, with even more bad news for these Kiwis already struggling with the cost-of-living crisis,” Mr Bishop says.

“With rising food, petrol, interest rates and rents, this Government has no plan to bring down the cost of living. Instead, the Government is making it worse.

“Labour was warned by everyone – from officials to landlords – that its taxes for landlords would lead to higher rents. The Government pushed ahead anyway.

“Since introducing these new taxes on landlords, who are also paying higher interest on their mortgages, weekly rents have increased a whopping $50. Labour is hurting the very people it claims to be helping.

“National has a plan to tackle the cost-of-living crisis and will reverse Labour’s changes to interest deductibility that applies to landlords, as well as undoing Labour’s extension of the brightline test to 10 years. These changes have only made things worse for people who rely on the rental sector to put a roof over their families’ heads.

“Labour’s record in housing is woeful. Since it’s been in office, the state house waiting list has blown out with an additional 20,000 applicants, more people are living in cars, $1 billion has been spent on emergency housing and, in July this year, half of the 64,000 houses the Government owns didn’t meet the Health Home standards.

“Record rents are just one more housing failure under Labour.”

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