THE INEVITABLE MUST HAPPEN
Landlords are asking an extra $24 a week on average for many properties than they were a year ago, including an eye-watering $85 hike in Christchurch, according to Trade Me listings.
New figures from Trade Me’s property division show the median weekly rent has risen more than 6 per cent in a year to $399, up from $375 in October 2013.
That compares to a modest overall rise in the cost of living of 1 per cent in the year to September, most of which was driven by pricier rents and housing.
The Trade Me figures are higher than rental data collected by the Ministry of Business Innovation and Employment, particularly for Christchurch.
Trade Me’s weekly average rents for the June quarter, for example, were $54 higher for Auckland, $28 higher for Wellington, and $110 higher for Christchurch than the comparable MBIE figures.
MBIE follows tenancy bonds lodged by renters, which catches more rentals in the sub-$400 per week category, while Trade Me has more listings over $600.
MBIE’s website says the difference is accentuated in Christchurch due to the earthquake which has reduced supply and increased demand for rental housing.