New Zealand's regional rents skyrocket as city prices stagnate

Rental prices in New Zealand's regions are rocketing upwards, as prices in its main cities stagnate.

Trade Me's February data shows every region across Aotearoa has seen an increase in it's weekly rent year-on-year, with Manawatu/Whanganui reporting a massive 15.8 percent jump and the Hawke's Bay region hot on its heels at 15.2 percent.

Taranaki hasn't slowed either, with rental prices increasing 12.5 percent since the same time last year.

In Gisborne rental prices hit a new record price of $535 a week, and in Northland median rents hit $500 for the first time.

Despite the creeping rents in the regions, cities have bucked the trend and remained much the same.

Auckland's regional rent stayed $590 per week for the second month in a row - a 4 percent increase when compared to February last year. In Auckland city, rents have remained the same since the same time last year at $570.

The most expensive districts in the region were Rodney at $645 per week, North Shore City at  $625 and Manukau $600.

It's the same story in Wellington, with the wider region rental prices increasing by 2 percent year-on-year to $580.

In Wellington city, it's remained the same at $600 - however rent for large homes (five or more bedrooms) hit a record high of $900 a week. Demand has also dropped by a whopping 12 percent - and there is no more supply of housing than there was last year. 

Nationwide, rental prices have increased by 1.9 percent to $530 per week.