Soaring rents in Queenstown are forcing young people to leave.

Last week the latest QV valuations put the average house price over a million dollars in the Otago town.

One Queenstown student may be forced to move back to Dunedin if he cant find a place by this Friday.

Nineteen-year-old Macauley McEwan said high demand for housing is seeing students miss out on homes to rent, as landlords opt for older tenants.

He said he like many others have been searching for months while studying, and the whole process is stressful.

Mr McEwan said he may have to abandon his course despite already completing half of it.

He has until Friday to find a place, or he will move back to Dunedin.

Jamie Ronaldson, 22, has had to pack his bags in the last fortnight and move back home to Auckland.

He said young people are having to crowd rooms to afford them.

"A lot of friends who worked here, off the top of my head about six or seven people, who had full time jobs actually lived in hostels at the time to get by. Like a five-bedroom share in a hostel, so that was pretty crazy."

He said he's been left deflated by struggles to save money while working in the tourist town - where he had to use have his full time wages just to pay for accommodation each week.

"Initially when I got there i was paying about $150 a week and then in just under the two year period that I lived there, it went up to about $240 a week for a room" he said.

Some young people say they're having to ask their parents for financial help to get by.

Ben Brooks recently moved out of Queenstown to Sydney.

He said despite working full time, he was having to ask his parents for money while living in the tourist town, and eventually he'd had enough.

"When I moved to Australia I was able to pay off my student loan, and I haven't asked the parents for any money" he said.