“The pandemic disrupted the housing market significantly from the minute the first lockdown was announced.
“The ‘stay home, stay safe’ mandate led to increased demand, on what was already a very tight market, couple that with rising inflation and job losses, the pressure led to some big swings in rental prices in the months and years that followed.”
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Bay of Plenty takes the title for the most expensive
The Bay of Plenty was the most expensive region to rent at $680 per week, up from $675 in January and 1.5% year-on-year.
“Both property and rental prices are taking off in the Bay of Plenty …
“It’s a beautiful part of our motu so it’s no surprise Kiwis are wanting to live here.”
The region has claimed the title several times in recent years.
Rental swings for larger properties
Trade Me said this month’s rental market data revealed a drop in median weekly rents for larger homes.
While urban dwellings experienced more subtle adjustments, houses with five or more bedrooms saw dramatic changes across major cities.
Auckland witnessed a 6.1% decrease, bringing the median weekly rent to $1080. Wellington also experienced a substantial drop of 8.7%, settling at $1100.
In stark contrast, Christchurch saw a remarkable 15.6% uplift, pushing the median weekly rent to $1040 – nearly a $100 increase from January’s $950.
In contrast, the urban rental landscape showed more moderate fluctuations.
Townhouses in Auckland and Wellington both saw declines, with Auckland dropping 3.5% to $695 and Wellington falling 4.8% to $700.
In Christchurch, apartment median rental prices dipped slightly by 2.9% to $505, while units saw a modest increase of 4.4%, reaching $470.
