Latest news with #RentalPriceIndex
Scoop
4 days ago
- Business
- Scoop
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
Scoop
4 days ago
- Business
- Scoop
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.
Yahoo
11-06-2025
- Business
- Yahoo
The UK's rental boom is over
Rental price growth has slowed significantly, according to the latest figures from Zoopla's Rental Price Index, with the average rents for new lets agreed 2.8% higher in April 2025 than the same time a year ago. That's less than half of the average rental growth in April 2024, which stood at 6.4%, and the lowest growth in nearly four years. The average monthly rent now stands at £1,287 per calendar month, up £35 over the last year. Regionally, Yorkshire and Humber was the biggest victim of the slowdown, where rental price growth stood at 1.1% — down from 6.4% in 2024. In the North East, rental growth slowed to 5.2%, down from 9.4% in 2024. Read more: Average UK house price falls £1,150 in May The heat has also come out of the London rental market, with areas including north west London down 0.2% and west central London 0.6% lower. Overall, rental growth still stands at 1.5%, though, with average rents in April hitting £2,175 per calendar month. A cool down in the rental market has been on the cards for some time now, with unsustainable price rises squeezing tenants to the edge of their affordability. Data shows that rents have increased five times faster than house prices over the past three years. Average UK rents for new tenancies are 21% higher since 2022, compared to just 4% for house prices, Zoopla said. The average monthly rent has increased by £219 over this time, broadly the same as the increase in average mortgage repayments. Average annual UK rents have increased by £2,650 over the last three years, from £12,800 to £15,450. The slowdown in the rate of rental growth is a result of weaker rental demand and growing affordability pressures, rather than an increase in supply, Zoopla said. Rental demand is 16% lower over the last year, but this remains more than 60% above pre-pandemic levels. Lower migration into the UK for work and study is a key factor with a 50% decline in long-term net migration in 2024, the housing platform added. Read more: UK mortgage approvals drop for third month in a row Despite weaker demand, renters are still facing a limited supply of homes for rent which is 20% lower than pre-pandemic levels, despite being 17% higher than a year ago. 'While demand for rented homes has been cooling, it remains well above pre-pandemic levels sustaining continued competition for rented homes and a steady upward pressure on rents. The pressures are particularly acute for lower to middle incomes with little hope of buying a home and where moving home can trigger much higher rental costs," said Richard Donnell, executive director of Research at Zoopla 'The rental market desperately needs increased investment in rental supply across both the private and social housing sectors to boost choice and ease the cost of living pressures on the UK's renters.' Looking to the remainder of 2025, UK rents remain on track to increase by 3%-4% over the rest of the year. Read more: How school fees can affect your mortgage borrowing Pros and cons of lifetime ISAs How to choose where to live as you get olderError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
