Porirua now NZ’s most expensive region to rent a house

Porirua now NZ’s most expensive region to rent a house

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Porirua is now New Zealand’s most expensive region to rent a house for the first time.

Rents climbed to a record $625 per week in September according to Trade Me’s Rental Price Index. 

Trade Me Property spokesperson Logan Mudge said the median weekly rent in Porirua reached an all-time high last month following a 25 per cent increase on last September and over-took Wellington city by $25 a week.

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“Rents in Porirua have been hot on the tail of Wellington city rents for a while now. Both districts were neck-and-neck at $580 in June, but September was the first time we have seen Porirua come out on top.”

The demand in recent times has risen in conjunction with the market supply slowing which was the reason rent prices went up in Porirua.

Mr Mudge says “In September, the number of rentals listed in Porirua was down 6 per cent when compared with the same month last year. Demand, on the other hand, shot up 17 per cent on the year prior.”

“This is the story right across the Wellington region – it’s very pricey if you’re in the market for a Wellington rental at the moment. The lure of Porirua is that you can get a bigger place with more space and traditionally you’d be paying less than in Wellington city. The tables have certainly turned this year and we’ll be watching closely to see if this trend continues.”

North Shore city and Wellington city come in tied at second place for the most expensive district in the country with both areas seeing a median weekly rent of $600 — The average asking price in Porirua jumped 11 per cent year-on-year in September.

Mr Mudge said small houses (1-2 bedrooms) and medium houses (3-4 bedrooms) saw rents increase year-on-year across the country in September. “The national median weekly rent for large houses (5+ bedrooms) dropped by 2 per cent when compared with September 2019, down to $825.

The national median weekly rent for units reached a new high of $420 per week, a 5 per cent increase when compared with this time last year.

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