Median rents keep soaring in Auckland, Hamilton, Tauranga & Wellington, up by $50 a week over the last 12 months.
• The median rent for new tenancies across NZ has reached $400 a week, up by $20, or 5.3%, a week in March.
• Rent increases are higher in North Island & Wellington & modest in the rest of NZ, while median rents in Christchurch continue to decline.
• The sharp increase in rents in many parts of the country also corresponds with a jump in new letting activity.
• However, the fact that rents are continuing to increase so sharply when the supply of rental properties is also increasing suggests that supply still falls well short of demand.
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