Head of Trade Me Property Nigel Jeffries says:
When we compare the cost of renting to the unyielding climb in house prices, the housing game has stayed firmly in favour of renters. The average property across the country is being let for $420 per week, the same rent as March this year and up only $20 per week on the same time last year.
Auckland property values are up 19.7% in the year to September 2015 while the rest of the country’s property is up by an average of 3.8%. Wellington achieved an increase of 0.7% and Christchurch 3.6%.
Auckland median rents have remained on $499 per week for the past two months but represent a 9% increase in the last 12 months to September 2015. With Auckland property values continuing to climb there is pressure on landlords to recoup increases in costs. Pedersen Property Management say their landlord clients have been reasonable with their rent increases and most of them are focussed on the bigger picture – that is the continuity of tenancy with a happy long term tenant.
Outside of Auckland median rents have increased by just 2.9% with Wellington’s rent increased by just $5 in the past 12 months which represents a 1.3% increase.
This blog article was written for PropertyBlogs by Mobilize Mail.