Inside NZ‘s most sought after rental in April

An apartment in the Lower Hutt suburb of Petone was New Zealand‘s most sought after rental in April, receiving more than 80 Trade Me inquiries within its first two days of listing.

The apartment was advertised on Trade Me. Photo: Trade Me

The buy-and-sell website has released its latest Property Rental Index, comparing market figures from April 2017 with April 2018.

The one bedroom, one bathroom apartment on Jackson Street was Trade Me‘s most popular listing.

It cost $460 a week and amassed 85 expressions of interest within two days.

The second most popular property was located in the central Auckland suburb of Grey Lynn.

It received 82 expressions of interest in the same period.

The kitchen. Photo: TradeMe

Nationally, median rental prices increased to a record breaking $475 per week – a 5.6 percent jump on last years figures.

Head of Trade Me Property Nigel Jefferies said the increase was the result of a growing demand in the regions.

“The average number of inquiries on rental listings in Taranaki soared 122 percent on last April and Southland topped the charts with inquiries staggering up 164 percent.”

He said the only region that hadn‘t seen growth was Manawatu/Whanganui.

Median rents in Lower Hutt and the Wellington CBD rose by 7.1 percent since last April, while Auckland increased by 3.8 percent.

Christchurch rents have remained stagnant since April 2013.

The bathroom. Photo: TradeMe

Mr Jefferies said the sky high median prices were unprecedented for this time of year, when rents typically cool.

He said tenants in Auckland would feel that heat the most, with median rents climbing to an all time high of $550 per week.

But he said that an increase in supply would come as a nice surprise.

The lounge. Photo: TradeMe

“The supply and demand equation in Auckland is getting better for Kiwis on the hunt for a new rental property,” he said.

“The number of rental properties in the Super City is up 19 percent on last April with the number of rental listings in Auckland City up a solid 35 per cent.”