Residential rents increased by an average of $40 a week across the entire country in the 12 months to the end of September, with rents in Auckland up $60 a week.
According to bond data from Tenancy Services, the national median rent increased from $540 a week in the third quarter of last year to $580 in the third quarter of this year, giving an annual increase of 7.4%.
Bond data is a leading indicator of movements in market rents, because most bonds are collected for newly tenanted properties, providing a snapshot of where the market is sitting, and most landlords and property managers use market rents when reviewing rents for existing tenancies.
Queenstown-Lakes is the most expensive place in the country to rent a home with a median rent of $750 a week, up by $130 a week (21%) compared to the third quarter of last year.
After Queenstown-Lakes, the biggest increases occurred in Taupo, up $100 a week (22.2%), Whakatane +$90 (19.6%) and Marlborough +$65 (13.7%).
Dunedin had the smallest increase at just $7 a week (1.6%).
Perhaps surprisingly, rent increases were comparatively modest in the Wellington Region, with the median rent in Wellington City increasing by just $10 a week (1.7%) over the 12 months to September this year. Rents in Lower Hutt were up by just $15 a week over the same period. (See the table below for the rent increase figures for all major urban centres).
Within the Auckland region, rent increases ranged from $20 a week (3.2%) in the Rodney Ward on the city's northern boundary, to $83 a week (12.2%) in the Orakei Ward in central Auckland. (See the table below for the rent figures for all Auckland Council ward areas and the map showing the ward boundaries).
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Auckland Council Wards
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