There were huge residential rent increases in many parts of New Zealand over the 12 months to the end of March, although rent increases were much more subdued in Auckland and Christchurch.
The percentage increases in average rents surged into double digits in many centres between the first quarter of last year and the first quarter of this year, according to interest.co.nz's analysis of bond data collated by the Ministry of Business, Innovation and Employment's Tenancy Services division.
Those areas with double digit percentage growth were Rotorua, Hastings, New Plymouth, Palmerston North, Whanganui, Porirua, Upper Hutt, Lower Hutt, Mackenzie District, Rangitikei District, Dunedin and Invercargill.
However rental growth was much more modest in Auckland, where the average increase was just 3.6% for the region.
Within the Auckland region rental growth between the first quarter of last year and the first quarter of this year ranged from 0.2% in Franklin to 4.3% in the central Auckland suburbs.
In Christchurch the average rent increased by 2.5% over the same period.
Across the entire country the average rent was $461 a week in the first quarter of this year, up $23 a week (+5.4%) compared to the same period of last year (see the table below for the average rents and annual percentage changes in all districts).
The smallest percentage increase over that period was in Franklin on Auckland's southernmost flank where the average rent rose by just 0.2%, while the biggest percentage increase was in Mackenzie District in the South Island, where it rose by a whopping 54.6% and that followed a 21.6% rise in the previous 12 months (Q1 2018 to Q1 2019).
The most expensive place in the country to rent a home is the Queenstown-Lakes District where the average rent in the first quarter of this year was $650 a week, followed by Auckland's North Shore at $602.
The cheapest place to rent was was the South Island's Rangitikei District where the average rent was $275 a week.
Rangitikei was the only district in the country where the average rent was below $300 a week.
However the first quarter figures are overwhelmingly based on rental bonds received by Tenancy Services prior to the commencement of the COVID-19 lockdown.
It is too early to say what effect the lockdown may have had on rents around the country.
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|Average Residential Rents Q1 2020|
|District||Rent $||Change from Q1 2019|
|North Shore City||602||3.8%|
|New Plymouth District||391||10.1%|
|Palmerston North City||365||19.2%|
|Kapiti Coast District||463||9.6%|
|Upper Hutt City||470||14.0%|
|Lower Hutt City||495||11.9%|
|Banks Peninsula District||426||9.5%|
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