Hawke’s Bay rent increases highest in NZ, up 16.3 per cent in a year

Rents in the region increased 16.3 per cent in a year. Photo / Warren Buckland

Hawke’s Bay rents have increased by 16.3 per cent in a year, the largest increase in the country.

According to Trade Me’s latest Rental Price Index, rental prices in Hawke’s Bay have risen 16.3 per cent from June 2020 to June 2021, to a median price of $535.

The national increase for rents was 6.9 per cent. Manawatu/Whanganui had the second largest increase behind Hawke’s Bay at 15.9 per cent.

Trade Me Property sales director Gavin Lloyd said the national median weekly rent reached a record breaking $545 last month.

“Prior to June, the national median rent sat at $540 from March to May – giving tenants around the country a moment to catch their breath.

“However, June data showed rents are back on the rise, with record highs seen in a number of regions around the country.

“This comes down to the lack of national market supply, with the number of rental properties listed onsite down by 7 per cent in June when compared with the same month last year.”