Waikato rental prices up 9.7 per cent

Renting isn't getting any cheaper in the regions, according to new figures and pay packets aren't keeping pace.

Waikato tenants are feeling the pinch - new figures show rents have surged in the past year.

Median rental prices in Waikato jumped by 9.7 per cent to $395 in April 2017 compared with the same month last year.

Hamilton prices increased by 8 per cent to a median $400 a week for the same timeframe, according to the latest Trade Me Property Rental Index.

It's not just tenants in Mooloo country who might have to fork out more in rent.

Outside New Zealand's three largest cities, there has been a median weekly rent increase of 10 per cent over the past year. 

The Bay of Plenty is now the second equal (with Wellington) highest place to rent in New Zealand on $450 a week.

Head of Trade Me Property Nigel Jeffries said the median rent per week for properties outside Auckland, Wellington and Christchurch had "jumped significantly" between March and April. 

"To rent a typical property outside our largest cities is now a record $385 a week, up from $370 a month earlier. Compared to this time last year, these properties are setting tenants back an additional $1800 per annum in rent."

Jeffries said rents around the regions had risen steadily for three years. 

"In April 2014, the median weekly rent was $310 a week, meaning an annual rent cost of $16,000. Since then, rents have jumped 24 per cent or nearly $4000 more per year.

"It must be very tough for renters, as the growth in the regions has been off the charts and shows no sign of easing, while pay packets aren't keeping pace."

The national median weekly rent was unchanged in April, marooned on $450 for the fifth consecutive month. Compared to this time last year, rents are up 2.3 per cent, an increase of just $10 a week in the past year.

"The Bay hit a record $450 in April, up 12.5 per cent on last year. The other stellar increases were Wellington, where it was up just over 11 per cent to $450 a week, and both Northland and Waikato were up 10 per cent to respective records of $385 and $395 a week."


Hamilton median rent April 2016 to 2017: 
Large house: $550 to $555
Medium house: $400 to $420
Townhouses: $367 to $420

From Stuff.co.nz