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“Massive demand” as median weekly rents jump ten per cent

The summer rental rush has begun in the capital with more listings than last year – but at higher prices.

The median weekly rent in Wellington has risen ten per cent on last year to reach $495.00 per week in October, according to the latest Trade Me Rental Price Index.

Rents in Wellington typically start heating up in December but this year kicked off early, according to Nigel Jeffries, head of Trade Me Property.

“Demand in the capital is massive, with 13 Wellington rentals in the country’s top 20 most popular rental listings during October. Summer is around the corner and rents look set to break the $500 mark for the first time.”

Jeffries said that there were more rental properties onsite at Trade Me than the same time last year, which should ease some rental pressure.

“Tenants looking for a property in Wellington City have some good news in that there has been a 15 per cent boost in the number of listings. But the demand is extraordinary and showing no sign of letting up.

“Tenants looking for a property are facing tough competition and it’s only going to increase as tenancies come up for review and university students come to town.”