Residential rents were mostly higher in the upper North Island in the second quarter of this year and mostly lower in the South Island and lower North Island.
Overall, the rises in the north of the country and the falls in the south almost evened each other out, with the national average rent (based on bonds received by Tenancy Services) increasing by just $3 a week (+0.7%), from $461 in Q1 to $464 in Q2.
However there were strong geographical differences.
In Auckland the average rent increased by five dollars a week to $549 (+0.9%) in Q2, with increases occurring in all districts except the North Shore, where it dropped by $10 a week (-1.7%) to $592.
Average rents were also up in Hamilton, Tauranga, Rotorua, Napier and Hastings (see the table below for the full details).
But rents were mostly down in the Wellington region where the average declined by $16 a week (-2.9%) to $542 a week.
Within the Wellington region average rents declined in Kapiti, Porirua and Wellington City and rose in the Hutt Valley.
In the South Island, average rents were down in most districts, dropping by 1.7% in Christchurch and in Queenstown-Lakes the average rent dropped by a massive $89 a week (-13.7%).
However it is too soon to say if the figures signal a softening trend for rents.
It is not unusual for rents to be slightly softer in the winter months than they are at either end of the year and the second quarter's rental figures this year would have been affected by the COVID lockdown in the middle of the quarter.
The third quarter's figures are likely to provide more significant clues about where the market is headed.
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|Average Weekly Rents $|
|Q1 2020||Q2 2020||Change $||Change %|
|North Shore City||602||592||-10||-1.7%|
|New Plymouth District||391||387||-4||-1.0%|
|Palmerston North City||365||385||19||5.3%|
|Kapiti Coast District||463||452||-12||-2.5%|
|Upper Hutt City||470||485||16||3.3%|
|Lower Hutt City||495||499||4||0.8%|
|Banks Peninsula District||426||386||-40||-9.3%|