Bay of Plenty is New Zealand’s most expensive region to rent, with a median cost of $680 per week - $20 more than Auckland and $15 more than Wellington.

That’s according to Trade Me’s Rental Price Index for February, released on Wednesday.

It also reports big swings in rental prices continue to be observed following the Covid lockdowns, Trade Me said in a statement.

New data reveals a substantial 25% increase in the national median weekly rent since the March 2020 lockdown, jumping $130 from $510 to $640.

Trade Me Property’s customer director Gavin Lloyd said looking back over the past five years showed how the pandemic impacted the rental market.

“The pandemic disrupted the housing market significantly from the minute the first lockdown was announced.

“The ‘stay home, stay safe’ mandate led to increased demand, on what was already a very tight market, couple that with rising inflation and job losses, the pressure led to some big swings in rental prices in the months and years that followed.”

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Bay of Plenty takes the title for the most expensive

The Bay of Plenty was the most expensive region to rent at $680 per week, up from $675 in January and 1.5% year-on-year.

“Both property and rental prices are taking off in the Bay of Plenty …

“It’s a beautiful part of our motu so it’s no surprise Kiwis are wanting to live here.”

The region has claimed the title several times in recent years.

Rental swings for larger properties

Trade Me said this month’s rental market data revealed a drop in median weekly rents for larger homes.

While urban dwellings experienced more subtle adjustments, houses with five or more bedrooms saw dramatic changes across major cities.

Auckland witnessed a 6.1% decrease, bringing the median weekly rent to $1080. Wellington also experienced a substantial drop of 8.7%, settling at $1100.

In stark contrast, Christchurch saw a remarkable 15.6% uplift, pushing the median weekly rent to $1040 – nearly a $100 increase from January’s $950.

In contrast, the urban rental landscape showed more moderate fluctuations.

Townhouses in Auckland and Wellington both saw declines, with Auckland dropping 3.5% to $695 and Wellington falling 4.8% to $700.

In Christchurch, apartment median rental prices dipped slightly by 2.9% to $505, while units saw a modest increase of 4.4%, reaching $470.