Rents for apartments, small houses soar as median rent remains at record high

Rents for apartments, small houses soar as median rent remains at record high

Monday, May 1st, 2023

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Rents for small houses have reached record-breaking new highs with the median weekly rent for an apartment hitting $540 per week, according to the latest Trade Me Rental Price Index.

Rental figures for March 2023 show rents for apartments and one to two-bedroom homes are soaring.

The median weekly rent for apartments is up 8 percent year-on-year while small houses (1-2 bedrooms) jumped 4 percent to $520 a week – both record highs.

Trade Me Property Sales Director Gavin Lloyd said several factors are driving the popularity of smaller homes including the cost of living crisis and fewer people having children. Read more

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News category: New Zealand, News Shorts.

Tags: Accommodation costs, Housing shortage, Rental Price Index

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