Wellington Rents Hit Two Year Low While Deep South Records New Highs
Press Release – Trade Me Property
Trade Me Property Spokesperson Casey Wylde says, The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until its time …
Rents across the Wellington region have fallen to the lowest since late 2022, according to Trade Me's latest Rental Price Index.
The median weekly rent in Wellington fell 3.9 per cent, or $25 between April and May to $620 a week. Year-on-year figures show rent in Pōneke was also down 4.6 per cent to $620.
Trade Me Property Spokesperson Casey Wylde says, 'The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until it's time to renew their lease.'
Demand in the Capital climbed 10 per cent in May, outpacing supply which grew six per cent month-on-month.
'If we look at where rental supply for the region was this time last year, the number of listings onsite is up a significant 41 per cent, while demand is down 13 per cent. With more options on the market, it comes as no surprise that rents have cooled in the Capital.'
Marlborough (-4.2%) and Hawke's Bay (-3.0%) also saw rents fall between April and May.
While the national median weekly rent held steady in April after two months of declines ($630), the bottom of the South Island has set new records.
Trade Me Property data for May found the median weekly rent in Southland jumped 3.1 per cent from April to $495 per week. The West Coast also hit a record median weekly rent of $450.
Casey Wylde gave some additional context as to what's driving the increases.
'With a smaller number of properties to rent in these regions, movement in the median rental price can fluctuate more so than those regions where there's greater supply. The property types coming up for rent also tend to be larger which naturally command higher rents,' said Wylde.
Increases were also recorded in Otago (+4.2%) and Bay of Plenty (+1.5%).
Rental Trends by Property Size in Main Cities
Looking at rental trends by property size across the main centres, May saw year-on-year declines across most property types.
Wellington experienced the largest overall drop with the median weekly rent for 3-4 bedroom homes falling 6.7 per cent to $700 year-on-year, and 1-2 bedroom homes also down 4.3 per cent to $550.
Auckland recorded an overall drop of 2.2 per cent with the most significant change recorded for larger properties. Homes with five or more bedrooms fell 9.1 per cent in May to $1,000 per week. Christchurch also recorded an overall drop of 1.8 per cent.
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Wellington Rents Hit Two Year Low While Deep South Records New Highs
Press Release – Trade Me Property Trade Me Property Spokesperson Casey Wylde says, The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until its time … Rents across the Wellington region have fallen to the lowest since late 2022, according to Trade Me's latest Rental Price Index. The median weekly rent in Wellington fell 3.9 per cent, or $25 between April and May to $620 a week. Year-on-year figures show rent in Pōneke was also down 4.6 per cent to $620. Trade Me Property Spokesperson Casey Wylde says, 'The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until it's time to renew their lease.' Demand in the Capital climbed 10 per cent in May, outpacing supply which grew six per cent month-on-month. 'If we look at where rental supply for the region was this time last year, the number of listings onsite is up a significant 41 per cent, while demand is down 13 per cent. With more options on the market, it comes as no surprise that rents have cooled in the Capital.' Marlborough (-4.2%) and Hawke's Bay (-3.0%) also saw rents fall between April and May. While the national median weekly rent held steady in April after two months of declines ($630), the bottom of the South Island has set new records. Trade Me Property data for May found the median weekly rent in Southland jumped 3.1 per cent from April to $495 per week. The West Coast also hit a record median weekly rent of $450. Casey Wylde gave some additional context as to what's driving the increases. 'With a smaller number of properties to rent in these regions, movement in the median rental price can fluctuate more so than those regions where there's greater supply. The property types coming up for rent also tend to be larger which naturally command higher rents,' said Wylde. Increases were also recorded in Otago (+4.2%) and Bay of Plenty (+1.5%). Rental Trends by Property Size in Main Cities Looking at rental trends by property size across the main centres, May saw year-on-year declines across most property types. Wellington experienced the largest overall drop with the median weekly rent for 3-4 bedroom homes falling 6.7 per cent to $700 year-on-year, and 1-2 bedroom homes also down 4.3 per cent to $550. Auckland recorded an overall drop of 2.2 per cent with the most significant change recorded for larger properties. Homes with five or more bedrooms fell 9.1 per cent in May to $1,000 per week. Christchurch also recorded an overall drop of 1.8 per cent. Content Sourced from Original url
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2 days ago
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Wellington Rents Hit Two Year Low While Deep South Records New Highs
Rents across the Wellington region have fallen to the lowest since late 2022, according to Trade Me's latest Rental Price Index. The median weekly rent in Wellington fell 3.9 per cent, or $25 between April and May to $620 a week. Year-on-year figures show rent in Pōneke was also down 4.6 per cent to $620. Trade Me Property Spokesperson Casey Wylde says, 'The drop in rents is certainly good news for those in the market for a new rental, however those locked into fixed term tenancies may not benefit from the current market dynamics until it's time to renew their lease.' Demand in the Capital climbed 10 per cent in May, outpacing supply which grew six per cent month-on-month. 'If we look at where rental supply for the region was this time last year, the number of listings onsite is up a significant 41 per cent, while demand is down 13 per cent. With more options on the market, it comes as no surprise that rents have cooled in the Capital.' Marlborough (-4.2%) and Hawke's Bay (-3.0%) also saw rents fall between April and May. While the national median weekly rent held steady in April after two months of declines ($630), the bottom of the South Island has set new records. Trade Me Property data for May found the median weekly rent in Southland jumped 3.1 per cent from April to $495 per week. The West Coast also hit a record median weekly rent of $450. Casey Wylde gave some additional context as to what's driving the increases. 'With a smaller number of properties to rent in these regions, movement in the median rental price can fluctuate more so than those regions where there's greater supply. The property types coming up for rent also tend to be larger which naturally command higher rents,' said Wylde. Increases were also recorded in Otago (+4.2%) and Bay of Plenty (+1.5%). Rental Trends by Property Size in Main Cities Looking at rental trends by property size across the main centres, May saw year-on-year declines across most property types. Wellington experienced the largest overall drop with the median weekly rent for 3-4 bedroom homes falling 6.7 per cent to $700 year-on-year, and 1-2 bedroom homes also down 4.3 per cent to $550. Auckland recorded an overall drop of 2.2 per cent with the most significant change recorded for larger properties. Homes with five or more bedrooms fell 9.1 per cent in May to $1,000 per week. Christchurch also recorded an overall drop of 1.8 per cent.
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