New Zealand’s cheapest region to rent

PHOTO: Seven Sharp spoke to Trade Me’s director of Property Sales, Gavin Lloyd, to find out where.

Given the sharp rise in interest rates, it’s probably not surprising rents have gone up with them.

It’s the third month in a row for the record high $600 median weekly rent nationwide.

But there is somewhere that’s bucking the rent-rise trend.

Rent is rising everywhere across the motu – except for Southland, which is $100 cheaper than the next most affordable region.

So why is it so affordable?

Seven Sharp spoke to Trade Me’s director of Property Sales, Gavin Lloyd, who said the region’s stable housing market is the biggest reason as there’s less supply and demand.

“We’ve got a really different setup here to what we did 12 months ago.

“The number of listings is always a bit of a challenge in the rental space, but particularly so at this time.

“Southland’s a bit of a different market down there; I know that the cheapest property that we have for sale is down in Southland, so the affordability side of that market has definitely had an impact on the rental market.”

He offered some advice to renters on how to save a bit of money, saying compromising on what house you rent is a good way to do this.

He suggested people take fewer bedrooms, give up a carpark if they live centrally and even bring on a flatmate to split the cost.