Trade Me data reveals the most expensive districts to rent in New Zealand

New data has revealed which districts are the most expensive to rent property in New Zealand, according to Trade Me.

Trade Me released its Rental Price Index for August on Thursday, which narrowed the most expensive districts down to Auckland's North Shore, Manukau, and Wellington's Porirua. 

North Shore saw rents climb by $30 in July to a record-breaking $730 per week in August.

Porirua saw rents rise $15 on July to $695 in August and Manukau city saw a $10 jump on July to reach a new high of $690.

The top 10 most expensive districts to rent in.
The top 10 most expensive districts to rent in. Photo credit: Trade Me

Trade Me Property sales director Gavin Lloyd believes people are opting for a slightly longer commute in exchange for a "bit more space" and a "quieter neighbourhood".

"After years of strong rent growth in Aotearoa's main centres, it is now those districts slightly further from the main centres that have the highest rental price tag," he said.

Lloyd said he was surprised that Tauranga was in the top 10 most expensive districts, coming in at number six with a median weekly rent of $680 in August - overtaking both Auckland and Wellington.

"There's a lot to love about living in Tauranga with the beach at your doorstep and relaxed lifestyle," he said.

Lloyd noted that rentals in Wellington and Auckland are often urban properties such as townhouses, apartments and units which were a cheaper option.

He said no matter the district, rent is costing more than what it was this time last year.

With supply falling and demand soaring, rents across the country climbed in August.

According to Lloyd, nationwide supply fell 17 percent year-on-year while demand increased 14 percent, sending prices north. Median weekly rent climbed 7 percent in August when compared to a year ago, at $620.

"Rents in Canterbury reached a new record at $570, along with Northland at $590 and Otago at $560," he said. "Meanwhile, Marlborough, Southland, Nelson/Tasman and Auckland all experienced a double-digit percentage increase in median weekly rent when compared with the year prior".

Large properties in Auckland break record 

Large properties with five or more bedrooms in Aotearoa saw the largest annual percentage increase of any property size during the month of August.

The eight percent jump for these properties saw the median weekly rent in New Zealand hike to $995, edging close to the $1000 mark.

Lloyd said large properties in Auckland saw a significant 15 percent jump in rent to reach a record-breaking $1130 in August, making it the most expensive property size in the country. 

"Across every property size in New Zealand we saw an annual increase in median weekly rent," he explained.

He said, "the only one to buck the trend" was properties with five or more bedrooms in Wellington, which fell by one percent to $985.