Rents are up on apartments, townhouses and units, according to TradeMe Property’s Rent Price Index, while nationwide rents having remained steady.
Apartments have seen the biggest change, with median rents climbing around 20% each year to reach their current high of $460 a week. Auckland apartments also hit a high of $490 a week.
The fact that apartments are now more expensive than small houses is a reflection of New Zealanders’ changing priorities – apartments tend to be warmer, drier and more central than similarly-priced standalone houses. Less commuting, no gardening, handy to transport links and amenities; Kiwis are realising this is a great alternative to a traditional high-maintenance home and we expect this trend to continue.