Tauranga rental prices up 4.4 per cent
Newly released rental price statistics for February 2020, show an average all-time highest national rental price of $480 per week.
This compares with $460 in February 2019 and $440 in February 2018.
“Unfortunately, these rental price increases are nothing new,” says Sharon Cullwick, newly appointed Executive Office of the NZ Property Investors’ Federation (NZPIF).
“While we supported rental improvements, such as compulsory insulation and smoke alarms, it was always obvious the extra costs of these and other new regulations would see rental prices increase.
“We were accused of scaremongering when pointing this out a few years ago, but the facts show that we were right.”
Rental prices have increased by an average 3.9 per cent over the last 12 months in New Zealand.
Tauranga’s prices have increased by 4.4per cent, according to the NZPIF.
Christchurch is the only area to record a negative price increase of around half a per cent. Price increases were also moderate in most parts of Auckland and Central Wellington.
Annual rental price growth to February 2020
Dunedin 12.90 per cent
Palmerston North 10.70 per cent
Invercargill 9.90 per cent
Hutt Valley 9.20 per cent
Napier 9.00 per cent
Upper Hutt 8.60 per cent
Nelson 8.30 per cent
Porirua 6.20 per cent
Hamilton 5.0 per cent
Tauranga 4.4 per cent
Manukau 3.7 per cent
Waitakere 3.4 per cent
Wellington 3.3 per cent
North Shore 2.60 per cent
Auckland 1.50 per cent
Papakura 0.00 per cent
Christchurch -0.40 per cent
NZ Total 3.90 per crnt