Rents in Wellington have remained high during November. They are now aligned with Auckland, according to the latest Trade Me Rental Price Index. Rents have increased by 5.8 per cent compared to one year ago.
Rents in the capital are running red hot and like last year, January and February will be a very busy period. Wellington will likely overtake Auckland as the most expensive place to rent.
In the region, the median weekly rent is now at $550 per week and the market shows no sign of slowing down. In fact, twelve of the country’s top 20 most popular rentals were in Wellington alone.
Yet, in November there were 4 per cent fewer rentals online compared to the previous year. There has been a dip in the market in both Lower Hutt and Porirua. Wellington’s top rentals were in Johnsonville, Mount Victoria, and Aro Valley. A slight shift from the Hutt Valley favourite last month.
In Hawke’s Bay, Trade Me figures showed strong growth. The median weekly rent jumping up to 11.8 per cent over the past year to $425 per week.
The Wellington market is still struggling to keep up with demand and will be one to watch in the coming months. The recent ban on letting fees will likely further increase rents.
