The cheapest and most expensive regions to rent in the country at the moment have been revealed in a new report. Photo \/ 123RF<\/p>\n
The cheapest and most expensive regions to rent in the country at the moment have been revealed in a new report.<\/p>\n
Figures released by Massey University for the December to March quarter show the average weekly rent on the West Coast is $251, making it the cheapest spot in the country.<\/p>\n
While rent in a number of regions is increasing, it has decreased on the West Coast by 6.7 per cent since the last quarter and 4.2 per cent since last year.<\/p>\n
That compares to the most expensive region, Auckland, which has a weekly average rent of $564 - a 5 per cent increase from the same time last year.<\/p>\n
Despite Southland being one of the most affordable places, the region has had the largest yearly increase in rent prices up 15.7 per cent to an average rent of $331 a week.<\/p>\n
Rent has increased by 15.4 per cent in the Manawat-Whanganui region over the past year to $367.<\/p>\n
The report also shows renters are paying more than the national average, which is set at 100 per cent, in six out of the 16 regions.<\/p>\n
These include Marlborough (116.1 per cent), Bay of Plenty (109.6 per cent), Auckland (106.6 per cent), Hawke's Bay (105.2 per cent), Tasman (103.1 per cent), and Northland (102.8 per cent).<\/p>\n
The remaining 10 regions are all relatively more rent affordable than the national average, but two regions stand out as being the most affordable for renters: Southland (77.1 per cent) and West Coast (58.7 per cent).<\/p>\n
Report authors Dr Arshad Javed and Professor Graham Squires, from the Massey University Real Estate Analysis Unit, say there are several varied factors affecting rental prices across New Zealand.<\/p>\n
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\"These include interest deductibility on residential property income, the extension of the bright-line test, rent control and the end of the Covid-19 rent freeze,\" Squires said.<\/p>\n
Nationally, rent increased by 4.8 per cent over the year (March 2020-March 2021).<\/p>\n
Auckland - $564 (up 5 per cent).Wellington - $524 (down 1.3 per cent).Bay of Plenty - $473 (up 4.9 per cent).Hawke's Bay - $441 (up 10.5 per cent).Marlborough - $434 (11.3 per cent).Northland - $425 (up 9.3 per cent).Waikato - $421 (up 5.8 per cent).Nelson $416 (up 4.5 per cent).Tasman - $411 (down 2.1 per cent).Otago - $409 (5.1 per cent).Canterbury - $389 (up 0.3 per cent).Taranaki - $386 (up 8.1 per cent).Gisborne - $376 (down 2.6 per cent).Manawatu-Whanganui - $367 (up 15.4 per cent).Southland - $331 (up 15.7 per cent).West Coast - $251 (down 4.2 per cent).<\/p>\n
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The cheapest and most expensive places to rent in New Zealand - Massey University report - New Zealand Herald<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The cheapest and most expensive regions to rent in the country at the moment have been revealed in a new report. Photo \/ 123RF The cheapest and most expensive regions to rent in the country at the moment have been revealed in a new report Continue reading