Residential rents remained mostly flat last year with the national median rent in November remaining at $600 a week for the tenth consecutive month.
The latest rent figures from Tenancy Services suggest the national median rent peaked at $608 a week in January last year before dropping back to $600 in February, where it has remained ever since (see graph below).
November's median rent was calculated from 12,039 bonds received for properties tenanted that month, which was down by 7.8% compared to November 2023.
Around the main centres similar patterns have emerged, with rents largely flat after easing very slightly from record highs.
In the Auckland region the median rent remained at $650 a week for the five months from July to November last year after peaking at $670 in May.
In Waikato the median rent has remained between its record high of $570 a week and $560 for the five months to November, while the median rent in the Bay of Plenty dropped back from its record high of $650, to $630 in November.
The Wellington Region's median rents bounced around between its record high of $640 a week set in February last year and touched $600 a week a couple of times before settling at $630 in November.
In Canterbury the median rent bounced back up to its record high of $550 a week in November, which was first achieved in December 2023, so very little movement there.
The comment stream on this article is now closed.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.