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News from Trade Me
Tenants around the country saw a hike in rent prices in February according to the latest Trade Me Rental Price Index. The national median weekly rent hit a new record high – $520 per week, a 5.1 per cent increase on February 2019 and the second consecutive record breaking month in a row.
In the Wellington region, rent prices rose by 7.5 per cent when compared to February 2019. Prices in the Wellington region continued to surge, with the average rental price reaching $570 per week – a 7.5 per cent increase on February 2019 prices.
“Taking a closer look at the region, Wellington city rental prices remained the most expensive in the region ($600), followed by Porirua ($550) and Lower Hutt ($530),” said Trade Me spokesperson Aaron Clancy.
“Demand in Wellington was actually down on last year (-1 per cent on 2019) and the supply of rentals was up 12 per cent, but it seems that supply still has some way to go as landlords are still able to command very high prices. We’ll be watching with interest to see if supply continues to creep up and if rents will stabilise.”
Wellington’s most popular rental listing of the month was a two bedroom house located on Tinakori Road, receiving 98 enquiries in its first two days onsite.
Wellington’s most popular rental listings in February 2020
|Rental address||Suburb||Enquiries in first 2 days|
|1||Tinakori Road||Wellington Central||98|
|2||Thomas Street||Stokes Valley||97|
|3||Raukawa Street Stokes Valley||Lower Hutt||82|
The median weekly rent has reached new highs for apartments and units when compared to February 2019.
This follows a steady rise in urban rental prices over the last few years, said Mr Clancy. “Keeping with previous years. Wellington townhouse and unit rent prices are seeing solid annual growth. Apartments are the exception, with prices remaining flat in growth from February last year.”
The median rent for apartments across the country increased by 4.2 per cent in February 2019 at $500 per week.
Continue reading this article at the original source from Scoop Wellington
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