A perfect storm has hit renters, with the number of rental properties on the market halving since last year while prices have hit a record high, Trade Me says.
The number of available rentals in November was down 49 percent on last year, while the national median rent rose 3.4 percent to a record-breaking $460 per week.
All but one of New Zealand's 15 regions saw rent increases year-on-year, with six regions experiencing double-digit growth.
Wellington was hardest-hit with 71 percent fewer rentals, while the median weekly rent rose 8.7 percent to $470.
"Supply simply cannot keep up with the demand we are seeing and it's rare for rental properties to be coming on and off the market so quickly," Trade Me's head of property Nigel Jeffries said.
"The coming months are not looking good for flat-hunting Kiwis.
"Fierce demand means landlords can have their houses listed and then tenanted in record time."
In Auckland, median rents jumped 1.9 percent to $530 per week while supply dropped 35 percent. And it could get worse.
"As we head into the New Year and university students prepare to flood the Auckland rental market, some large rental increases could be in store for the Super City," Mr Jeffries said.
The biggest jump in rental prices came in Marlborough, which was up 23.5 percent from $340 per week last year to $420 per week in November.
However Christchurch managed to buck the national trend as the supply grew during the earthquake rebuild, with rents falling slightly to $390 per week.
NZN / Newshub.