New Zealand's median weekly rent was unchanged at NZ$300 in March from NZ$300 in both March 2009 and March 2008, but the number of New Zealanders lodging bond rentals has surged in the month by more than 54% to 19,683 in the last two years as many opt to rent rather than own. Despite warnings from landlords about rents having to rise because of higher house prices or higher interest costs, rents have been largely steady even though there has been a rise in demand, Department of Building and Housing figures on bond lodgements show. Landlords have warned a shortage of supply and a surge of net migration in the last year would also boost rental returns, but they have remained stubbornly flat and in line with incomes. Even in Auckland, where many migrants first arrive, rents have been flat to only modestly higher. The median Auckland 2 bedroom flat rented out for NZ$320, up 3.3% from NZ$310 in March of 2007 and NZ$300 in March of 2008. The median rent for an Auckland 3 bedroom house rose to NZ$460 from NZ$435 a year ago and NZ$450 in March of 2007. Your views? See the interactive chart below.
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