Rent hits record high according to latest Trade Me data

The cost of rent has reached a national record high of $595 per week on average according to the latest Trade Me Property data.

Trade Me Property Sales Director Gavin Lloyd said the latest figures from January mark a $25 a week jump when compared to the same time last year.

"January's jump will be unpleasant news for renters around the country," Lloyd said.

Lloyd said along with the new national record, Auckland ($630), Bay of Plenty ($615), Northland and Taranaki ($580), Marlborough ($550), Waikato ($540), and Wellington ($660) saw their highest median weekly rents of all-time last month.

He said rental listings were up by 52 percent year-on-year in Whanganui and 40 per cent in Wellington.

"The biggest supply jumps were seen in the lower North Island," Lloyd said.

Lloyd said Wellington was an 'outlier' amongst other cities. 

"In the Capital, the median weekly rent for an urban property remained at $590," he said.

Lloyd said rents for units and apartments in Wellington had fallen year-on-year, however large property rent hit the $1,000 mark.

He said rent for large properties with 5 or more bedrooms reached a milestone in January, jumping 8 per cent to $1,000 for the first time.

Similar to the urban property rental prices, Wellington was the odd one out, seeing its median weekly rent for large properties fall by 4 per cent in 12 months.

However, with Cyclone Gabrielle drastically affecting some regions, Lloyd said things could change.

"In the wake of the recent devastating weather events, we would expect supply to fall significantly in the coming months which will put more stress on the tenants in these regions," he said.