Most house rents stay steady

Tenants should be celebrating but their landlords may be less happy at figures showing most rents are static.

Private-sector rents in most areas have not moved much in the past 12 months, says Bob Hargreaves of Massey University's real estate analysis unit.

The national median rent was $245 a week, $5 less than at mid-year, he said. Rents in most areas were about the same as a year ago.

In Hastings, the median rent was $200, up $10; in Napier, it was $225, up $15; rents in Palmerston North had fallen $10 to $190.

The median Wellington rent was also unchanged, at $290, but Auckland rents had fallen $5 to $320.

The only area to show a significant increase was Tauranga, where rents rose more than 13 per cent, to $250.

Professor Hargreaves said the return on rental properties was now close to bank deposit interest rates.

- NZPA