Hot demand for rentals in Auckland, Wellington

Prices reach all-time highs, according to Trade Me.
Prices reach all-time highs, according to Trade Me. Photo credit: Getty

Next time you're viewing a rental, don't be surprised if 100 other people show up at the same time.

New figures from Trade Me show places in suburbs like Auckland's Mt Eden and Wellington's Mt Cook are getting upwards of 100 enquiries within 48 hours of listing.

One place on Wellington's Bidwell St had 127 enquiries in the first two days.

"In January, we saw a two-bedroom property in Mount Eden spark almost 100 enquiries in the first two days onsite," said Trade Me spokesman Nigel Jeffries.

It comes as asking prices reach all-time highs, with students heading back to university armed with an extra $50 a week in allowances. Landlords have anecdotally been raising prices to take advantage of it, and the Trade Me figures don't do anything to dispute it.

"Student hotspots like Aro Valley and Te Aro received 16 and 12 enquiries on average respectively in the first two days, while rental listings in Petone and Naenae had an average of 22 enquiries," said Mr Jeffries - and that was last month.

"Tenants are having to get in quick to secure a rental after the number of rental listings fell 5 percent nationwide on last January - but were down 11 percent in the capital."

The median asking price in Wellington is up to $550, eclipsing Auckland for the first time, where it's now $540.

Nationwide, the median rent is now $470 a week, up 4.4 percent year-on-year.

"Apartments and units continue to be popular across the country, particularly in Wellington," said Mr Jeffries. "It's not surprising more tenants are considering moving into the relatively cheaper option of an apartment or a unit."

The only region that didn't experience a significant rise in prices was Christchurch, up only 0.3 percent to $400 a week. The average number of enquiries in the first two days after listing was only two.

Houses with five or more bedrooms leapt 6.8 percent to a new record of $790 a week.

"Large houses in the capital are now the most expensive type of rental property in the country with a hefty median weekly rent of $1,050," said Mr Jeffries.

In Nelson and Southland, rents rose 10.8 and 8 percent to $410 and $270 respectively.

"Northland and the Bay of Plenty also experienced strong growth over the past 12 months to reach $385 and $380 per week," said Mr Jeffries.