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August Rental Price Index 2023
Revealed: The most expensive districts to rent in Aotearoa
29 September 2023North Shore city, Porirua and Manukau city are the most expensive districts to rent in New Zealand, according to the latest data from Trade Me.
“After years of strong rent growth in Aotearoa’s main centres, it is now those districts slightly further from the main centres that have the highest rental price tag. It seems Kiwi are opting for a slightly longer commute in exchange for a bit more space and a quieter neighbourhood,” said Gavin Lloyd, Trade Me Property Sales Director.
Looking at our most expensive districts, North Shore city saw rents climb $30 on July to a record-breaking $730 per week, Porirua saw rents rise $15 on July to $695, while Manukau city saw a $10 jump on July to reach a new high of $690.
“Tauranga was a surprising addition to the top ten, coming in at number six, with a median weekly rent of $680 in August, overtaking rents in Auckland and Wellington city. There’s a lot to love about living in Tauranga with the beach at your doorstep and relaxed lifestyle.”
Mr Lloyd added that rentals in Wellington and Auckland city are often urban properties like townhouses, apartments and units which were a cheaper option.
| Region | District | Median weekly rent in August 2023 | Year-on-year percentage change | ||||
|---|---|---|---|---|---|---|---|
| Auckland | Auckland | North Shore city | North Shore city | $730* | $730* | 12.3% | 12.3% |
| Wellington | Wellington | Porirua | Porirua | $695 | $695 | 2.2% | 2.2% |
| Auckland | Auckland | Manukau city | Manukau city | $690* | $690* | 9.5% | 9.5% |
| Auckland | Auckland | Rodney | Rodney | $690 | $690 | 6.2% | 6.2% |
| Auckland | Auckland | Papakura | Papakura | $680 | $680 | 7.9% | 7.9% |
| Bay of Plenty | Bay of Plenty | Tauranga | Tauranga | $680 | $680 | 7.1% | 7.1% |
| Wellington | Wellington | Wellington city | Wellington city | $660 | $660 | 10% | 10% |
| Auckland | Auckland | Auckland city | Auckland city | $650 | $650 | 12.1% | 12.1% |
| Auckland | Auckland | Franklin | Franklin | $650 | $650 | 4.8% | 4.8% |
*new record
“Unfortunately, no matter which district you are in, it is likely that it is now costing you more to rent than the same time last year and in some cases, than in July.”
Around the regions
With supply falling and demand soaring, rents across the country climbed in August.
Nationwide supply fell 17 per cent year-on-year while demand increased 14 per cent, sending prices north. New Zealand’s median weekly rent climbed 7 per cent in August when compared to a year ago, at $620.
“Rents in Canterbury reached a new record at $570, along with Northland at $590 and Otago at $560.
“Meanwhile Marlborough, Southland, Nelson/Tasman and Auckland all experienced a double-digit percentage increase in median weekly rent when compared with the year prior.”
Large properties in Auckland break record
Large properties (5+ bedrooms) in Aotearoa saw the largest annual percentage increase of any property size in August. The 8 per cent jump for large properties saw the median weekly rent in New Zealand climb to $995, edging closer to the $1,000 mark.
Mr Lloyd said large properties in Auckland saw a significant 15 per cent jump in rent to reach a record-breaking $1,130 in August, making it the most expensive property size in the country.
“Across every property size in New Zealand we saw an annual increase in median weekly rent. The only one to buck the trend was 5+ bedroom properties in Wellington which fell 1 per cent to $985.”
