Rents in New Zealand remain at all-time high in August

WELLINGTON, Sept. 28 (Xinhua) -- New Zealand's median weekly rent remained at 580 New Zealand dollars for the second month in a row in August, matching the all-time high first recorded earlier this year, according to Trade Me's latest Rental Price Index released on Wednesday.

Trade Me Property Sales Director Gavin Lloyd said the national median weekly rent first reached 580 New Zealand dollars in April. "We then saw rents fall for two consecutive months, before climbing back to the record high in July and then showing no change last month."

While Lloyd said renters around the country will be pleased to hear prices saw no month-on-month growth in August, it's still not an easy time to be a tenant with prices remaining at an all-time high.

When compared with August 2021, last month's national median weekly rent marks a 5-percent increase. (1 New Zealand dollar equals 0.57 U.S. dollars)