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Rents soaring in regions

NZ Newswire logoNZ Newswire 18/05/2017

Rents in the regions have shot up 10 per cent in the past year and reached record levels in Auckland, online auction site Trade Me says.

The company's latest property index says between March and April alone rents outside of Auckland, Wellington and Christchurch jumped $15 a week on average, and over the past three years has risen an annual $4000.

"It must be very tough for renters, as the growth in the regions has been off the charts and shows no sign of easing, while pay packets aren't keeping pace," the head of Trade Me Property, Nigel Jeffries, said.

Rents in the Bay of Plenty reached a record $450 a week in April, to equal Wellington for second-most expensive city.

Meanwhile in Auckland median weekly rents hit a new record high of $530 - up $15 a week from March.

"Rents in Auckland are still lagging well behind the increases in house prices, but landlords have been able to pass on some costs to help pay their mortgages as the median weekly rent clicked up," Mr Jeffries said.

The Trade Me Property Rental Price Index is based on median rent prices of about 11,000 properties listed on the website each month.

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