Otago currently the most expensive region to rent in NZ

The median weekly rent in Otago reached a record high in August, with the region emerging as the country’s most expensive place to rent, according to new Trade Me Property data. 

The region’s median weekly rent now sits at $685, up 5.4 per cent year-on-year and more than $85 on July. 

Trade Me Property spokesperson Casey Wylde, says there’s a few factors, and two key areas, driving the increasing rent in the region. 

“The sharp jump can be attributed to big increases in rental prices in Dunedin, which jumped $75 per week on July to $650, along with the already high costs in the Queenstown-Lakes District - with the median weekly rent at $800 per week.” 

Some of the most popular listings on Trade Me Property in August include two from the Otago region, "The Summit" in Dunedin and an architecturally designed home in the Queenstown-Lakes district. 

“It's clear, from what we see in rental prices, and in what people are viewing on Trade Me Property, both these areas of Otago remain desirable, and people continue to be keen to live there.” 

In July, Otago was the fifth most expensive place to rent, on par with Wellington at $600 per week. In August, however, it shot to first place, now ahead of Auckland at $660 per week, Bay of Plenty and Gisborne at $650 respectively, and Hawke’s Bay at $640.