Residential rents flatlined in the June quarter (Q2) of this year, but are up by an average of $30 a week compared to a year ago.
According to bond data from Tenancy Services, the national median rent was $600 a week in Q2 this year, unchanged from Q1.
But it was up by $30 a week (5.3%) compared to Q2 last year.
Those trends were also reflected in the national median rents for the main types of rental housing.
The median rent for three bedroom houses was unchanged between Q1 and Q2 this year at $650 a week, but was up $30 a week (4.8%) compared to Q2 last year.
Similarly, the median rent for two bedroom apartments/units was unchanged between Q1 and Q2 this year at $600 a week, and was up $25 a week (4.3%) compared to Q2 last year.
Median rents for one bedroom apartments/units were the most stable, increasing $10 a week to $460 (+2.2%) in Q2, after remaining flat on $450 a week for the previous four quarters.
Rental activity also appears to be relatively flat, with Tenancy Services receiving 34,788 bonds in Q2 this year, barely changed (-0.4%) compared to Q2 last year.
Of the 41 main urban districts for which interest.co.nz monitors rental trends, 20 recorded an increase in their median rent between Q1 and Q2 this year, 12 recorded no change and nine recorded declines. See the table below for the full district-by-district figures.
The Orakei Ward in Auckland (see the ward map below) is the most expensive district in the country to rent a home, with a median rent of $780 a week, just ahead of Queenstown-Lakes at $775.
It was a tie between Timaru and Invercargill for the cheapest place to rent, both having median rents of $450 a week.
Queenstown-lakes posted the biggest quarterly increase of $75 a week in Q2, while Dunedin posted the biggest quarterly decrease of $105.
However Dunedin's figures were not unexpected because the median rent in the city usually jumps sharply in Q1 each year as students return to the city and sort out their accommodation, much of which is larger properties that can accommodate numerous flatmates, and hence have reasonably high rents. This is usually followed by a big drop in rental activity in Q2.
On an annual basis, Dunedin's median rent was up by $35 a week in Q2.
In general, rent increases were relatively subdued in Auckland, with an overall annual increase of 4.8% in the region, while rents in the top half of the South Island, from Nelson to Selwyn posted double digit percentage increases for the year.
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| Median Weekly Residential Rents | |||||
| All Dwelling Types | |||||
| Q2 2024 | |||||
| City/District | Median Rent | Quarterly Change | Annual Change | ||
| Q2 2024 | $ | % | $ | % | |
| Whangarei | $595 | $15 | 2.6% | $45 | 8.2% |
| Auckland Region | $660 | $10 | 1.5% | $30 | 4.8% |
| Rodney Ward | $650 | -$30 | -4.4% | $50 | 8.3% |
| Albany Ward | $750 | $35 | 4.9% | $50 | 7.1% |
| North Shore Ward | $700 | $0 | 0.0% | $30 | 4.5% |
| Waitakere Ward | $650 | $0 | 0.0% | $20 | 3.2% |
| Waitemata & Gulf Ward | $540 | $20 | 3.8% | $20 | 3.8% |
| Whau Ward | $650 | -$10 | -1.5% | $20 | 3.2% |
| Ailbert-Eden-Roskill Ward | $658 | -$17 | -2.5% | $8 | 1.2% |
| Orakei Ward | $780 | -$20 | -2.5% | $20 | 2.6% |
| Maungakiekie-Tamaki Ward | $650 | -$20 | -3.0% | $20 | 3.2% |
| Howick Ward | $740 | $10 | 1.4% | $40 | 5.7% |
| Manukau Ward | $650 | $15 | 2.4% | $70 | 12.1% |
| Manurewa-Papakura Ward | $690 | $15 | 2.2% | $40 | 6.2% |
| Franklin Ward | $660 | $10 | 1.5% | $30 | 4.8% |
| Hamilton | $550 | $0 | 0.0% | $10 | 1.9% |
| Tauranga | $695 | $0 | 0.0% | $45 | 6.9% |
| Whakatane | $565 | -$8 | -1.4% | $40 | 7.6% |
| Rotorua | $570 | $10 | 1.8% | $20 | 3.6% |
| Taupo | $618 | $68 | 12.4% | $98 | 18.8% |
| Napier | $650 | $30 | 4.8% | $65 | 11.1% |
| Hastings | $600 | $0 | 0.0% | $50 | 9.1% |
| New Plymouth | $600 | $20 | 3.4% | $50 | 9.1% |
| Whanganui | $490 | $0 | 0.0% | $20 | 4.3% |
| Palmerston North | $550 | $30 | 5.8% | $50 | 10.0% |
| Kapiti Coast | $620 | $0 | 0.0% | $40 | 6.9% |
| Porirua | $693 | $23 | 3.4% | $43 | 6.6% |
| Upper Hutt | $640 | $20 | 3.2% | $30 | 4.9% |
| Lower Hutt | $630 | $0 | 0.0% | $10 | 1.6% |
| Wellington City | $600 | -$50 | -7.7% | $10 | 1.7% |
| Masterton | $540 | $20 | 3.8% | $20 | 3.8% |
| Nelson | $550 | $0 | 0.0% | $50 | 10.0% |
| Marlborough | $550 | $0 | 0.0% | $50 | 10.0% |
| Waimakariri | $600 | $20 | 3.4% | $70 | 13.2% |
| Christchurch | $550 | $0 | 0.0% | $50 | 10.0% |
| Selwyn | $650 | $20 | 3.2% | $70 | 12.1% |
| Ashburton | $480 | $30 | 6.7% | $30 | 6.7% |
| Timaru | $450 | $0 | 0.0% | $20 | 4.7% |
| Queenstown-Lakes | $775 | $75 | 10.7% | $47 | 6.5% |
| Dunedin | $495 | -$105 | -17.5% | $35 | 7.6% |
| Invercargill | $450 | -$10 | -2.2% | $20 | 4.7% |
| All of Aotearoa | $600 | $0 | 0.0% | $30 | 5.3% |
| Source: Tenancy Services | |||||
Map of Auckland Council Wards
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