Rental market may be becoming more competitive

by The Landlord

There was a drop in the number of new tenancies in November this year compared to November 2013 and a rise in median rents.

Auckland in particular showed a shift, with new tenancies down 45.3% year-on-year and the median rent up 13.7% to $492.93 per week.

Rodney had the sharpest rise in median rents within Auckland, up 11.6%.

Wellington’s median rent dropped 1.4%. Christchurch’s rent was up 4.7% while the number of new tenancies was down 18.6%.

Nationwide, the median rent of new tenancies was $370, up 4.5% year-on-year.

There were 13 regions that reported a drop in median rent. The biggest decline was in Buller, down 20%, to $200 a week.

Wairoa had the country’s cheapest median rent, $155 per week, down 13.9% on the year before.

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