New record rent of $500 per week for Auckland tenants

New record rent of $500 per week for Auckland tenants

The cost of renting a typical home in Auckland has surpassed $500 per week for the first time, according to an analysis of median asking rents on Trade Me Property.

Head of Trade Me Property Nigel Jeffries said the cost of renting in our largest city hit a new high in November. “After easing back to $495 per week in October, median asking rents in November broke through the $500 ceiling, up 9 per cent over the past 12 months. This means an extra $40 for tenants to pay each week, or an annual hit of $2,000 per year.”

Mr Jeffries said that despite the lift, rents were not rising as fast as selling price expectations in Auckland – these were up 16.9 per cent last month. “The pace of increase in asking prices for properties for sale is slowing however, and median asking rents are catching up. This is especially evident when compared to this time last year, where the increase in asking rents was a far more modest 2 per cent.”

Full Report Here:Trade Me Property Rental Index

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