Whanganui rents hit record high, expected to increase further over summer

Whanganui could be heading for record rental prices this summer.

Whanganui renters can expect more price hikes as rents reach record highs throughout New Zealand.

The latest Trade Me Rental Price Index says the median rent outside New Zealand's three main cities rose 10.5 per cent last year to an all-time high of $420 per week in August.

In Whanganui the median weekly rent increased from $300 in August 2017 to $330. A small one to two bedroom house now has a median rental of $282.50 (up from $250) and a medium-sized three to four bedroom house is going for $360 per week (up from $342.50).

Trade Me's head of rentals Aaron Clancy said the rental market outside Auckland, Wellington and Christchurch was running hot during one of the coldest months of the year.

"In August we typically see rents slow right down as we hit the seasonal winter slump, but this year the provincial rental market has bucked that trend, indicating that we're headed for record rents this summer," Clancy said.

A dip in the number of rental listings on Trade Me and tenants trying to get ahead of the summer rental rush were driving the increase, he said.

"We've seen a 3 per cent drop year-on-year in the number of rental properties across the country and after last summer's madness some tenants are making a move now to avoid risking a costlier rental in summer."

Wanganui Budget Advisory Service manager Sandy Fage told the Chronicle in September that demand for the agency's services was increasing, particularly as beneficiaries faced rental prices that were 70 per cent of their income.