Kiwi renters should expect to pay an "eye-watering" amount more in rent as the gap between demand and supply widens, according to the latest data from Trade Me.
Trade Me's latest Rental Price Index shows Aotearoa's median weekly rent has remained steady at $620 for the fourth consecutive month.
“Renters will be feeling some comfort that the median rent has held steady at $620 per week nationwide since June this year," said Trade Me Property Sales Director Gavin Lloyd.
But Kiwi renters are still spending "significantly more" year-on-year, with the national median rent up $45 from $575 per week last September.
"Tenants across Aotearoa can expect to pay an eye-watering $2,340 more in rent than the same time last year with the national median weekly rent up $45 a week to $620 in September."
Lloyd said there are fewer rentals than people looking. Listings on Trade Me are down 16 percent year-on-year in September, while those enquiring about rentals are up 11 percent.
"We have seen a drop in rental listings when compared with last year but an increase in demand, so I think we are very unlikely to see landlords drop prices anytime soon," Lloyd warned.
Lloyd said the gap between demand and supply is creating a "really tight market" and warns tenants will have to "reach further into their pockets in the immediate term if they're looking to move".
The biggest gap is seen in the Auckland region, with rental listings in September down 26 percent, while enquiries are up 28 percent.
Prices 'significantly higher' than 2022
Northland is the region that saw the largest annual rent increase ($75 per week), from $505 to $580 in the last 12 months.
Marlborough followed second with the second largest increase, up 14 percent from $500 in September last year to $570.
Trade Me said Auckland had the third largest increase, up 12 percent since last year with a median weekly rent of $670.
'Record highs' for Auckland
Lloyd said the City of Sails continues to see "record highs", with Auckland three-to-four-bedroom rentals reaching a new record median weekly rent of $770 in September.
He said properties in Auckland City have been steady at $650 per week since April, which Lloyd said is making some want to live closer to the city and save money on expenses like travel.
The North Shore is the most expensive Auckland district to rent with weekly median rent at $710, followed by Papakura at $700.
"Auckland prices are creating significant strain on renters in an environment where the cost of living is front of mind for many," said Lloyd.
