Wellington was the most expensive main center to rent in the country in February, according to the date.
Photo: RNZ / REECE PADIER
New Zealand tenants have been increased by a 25 % increase in their average accounts in the five years since Covid reached, shows the data from Trade ME.
According to their statistics, which accompany the rental of properties announced on the site, the average weekly rent increased from $ 510 in March 2020 to $ 640.
This despite a “freezing” rental period.
The Trade Me Prorty, Gavin Lloyd door, said the pandemic clearly affected the rental market.
“The pandemic interrupted the real estate market significantly from the minute the first block was announced,” he said.
“The mandate of ‘staying at home, being safe’ led to an increased demand on what was already a very tight market, a couple that, with increasing inflation and job losses, pressure led to major changes in rental prices in the months and years that followed.”
In March 2020, the average time salary was US $ 33.14. In December last year, it was $ 42.57.
Wellington was the most expensive main center to rent in the country in February, according to the data, but the rent in Wellington and Auckland rose 1.5 % in the month after median.
Wellington has reached $ 665 and Auckland $ 660. Wellington’s rental market can sometimes be influenced by the routines of students looking for properties this time of year.
But Lloyd said there was a “perfect storm” in Wellington, driven by population pressure, limited rental supply and interest rates that had increased compared to Covid.
Bay of Plenty was the most expensive region, with an average weekly rent of $ 680.
Lloyd said the property prices and rent were “taking off”.
The largest rental movements in February went to larger houses with five or more rooms.
In Wellington and Auckland, they had a big rental fall]. Auckland’s fell 6.1 % in the month at $ 1080 and Wellington falling from 8.7 % to $ 1100.
Christchurch rentals for large properties increased by 15.6 %, but to $ 1040.
This occurs after Corelogic data recently showed the national average rent for the average family income rate is 28 %, compared to 26.4 % five years ago and 25 % 10 years ago.
Corelogic chief economist Kelvin Davidson said the measure was constant at 28 % for three years, even when the income rose.
He said it was a record level and the highest point for at least 20 years, based on Corelogic data.
“Clearly, this measure suggests that although the purchase of a home has become less inaccessible in recent quarters, the situation for renters has not improved.
“It is also important to recognize that some will find it much harder than these numbers suggest, as many rental families can actually have below average income. Simply pay, they can pay typical rentals, but have income in the lower half of the spectrum.”
