Property Management Comment:

April/May

Trade Me Property Sales Director Gavin Lloyd said the March 2023 figures show rents for apartments and small houses (1-2 bedroom) were soaring. Nationwide the median weekly rent for an apartment was up 8% year-on-year to $540 per week.

“Demand for rentals continued to rise by 27 percent across the country. Otago (+46%) and Auckland (+44%) both streaked ahead as the most popular regions for tenants to be looking for a place to live,” Mr Lloyd said.

“The ongoing cost of living means people are looking for cheaper places, allowing their paycheck to go further. Also the way people are living their life is changing - staying single for longer, or choosing to not have children, so they don’t need the extra space.”This was leading to a growing demand for apartments and small houses with demand up 55 per cent on the previous year.