Renting Property in New Zealand
Renting property in the larger cities such as Auckland, Wellington and even Christchurch, generally means you’ll be renting an apartment. However, all of these cities have suburbs outside of the city centre, where you can rent a decent-sized house for roughly the same amount as you’d be paying for a small apartment in the central city area. Depending on commute times, it is often more practical and feasible to rent in the suburbs than in the city.
The national average house price is NZ$350,000, but this figure is 30 percent higher in Auckland, and 20 percent lower on South Island. Inflation remains low, at around two percent. The three urban centres of Auckland, Wellington and Christchurch are all more expensive than the outlying areas and smaller towns. Monthly rental prices tend to mirror the housing prices in an area; the North Island is more expensive and Auckland has the highest rental prices in New Zealand. South Island is cheaper, with Christchurch recording the most expensive prices on the South Island.
Expats should be aware that the tenant is responsible for the cost of amenities such as gas, water, electricity and telephone bills. Renting a property through a real estate company is slightly more expensive than renting directly from the owner. Many of New Zealand’s newspapers contain a property section outlining the various properties available to rent.
Renting property in New Zealand can become quite complicated. Prospective tenants are required to pay a ‘bond’ equal to four weeks' rent, which acts as a deposit. This bond is deposited with the Government’s Ministry of Housing, which then posts a receipt to you. At the end of a lease the bond receipt needs to be signed by both the landlord and tenant in order for the money to be refunded to you: if the house is left in an untoward state, or if you have missed any payments, the landlord can apply to the Tenancy Tribunal to award some of the bond money to them.
Rent is paid in advance, and although it is quoted on a weekly basis, most tenants choose to pay fortnightly. Tenants are then required to liaise with gas and electrical companies in order to be connected to the local system through a company of their choice.
The national average house price is NZ$350,000, but this figure is 30 percent higher in Auckland, and 20 percent lower on South Island. Inflation remains low, at around two percent. The three urban centres of Auckland, Wellington and Christchurch are all more expensive than the outlying areas and smaller towns. Monthly rental prices tend to mirror the housing prices in an area; the North Island is more expensive and Auckland has the highest rental prices in New Zealand. South Island is cheaper, with Christchurch recording the most expensive prices on the South Island.
Expats should be aware that the tenant is responsible for the cost of amenities such as gas, water, electricity and telephone bills. Renting a property through a real estate company is slightly more expensive than renting directly from the owner. Many of New Zealand’s newspapers contain a property section outlining the various properties available to rent.
Renting property in New Zealand can become quite complicated. Prospective tenants are required to pay a ‘bond’ equal to four weeks' rent, which acts as a deposit. This bond is deposited with the Government’s Ministry of Housing, which then posts a receipt to you. At the end of a lease the bond receipt needs to be signed by both the landlord and tenant in order for the money to be refunded to you: if the house is left in an untoward state, or if you have missed any payments, the landlord can apply to the Tenancy Tribunal to award some of the bond money to them.
Rent is paid in advance, and although it is quoted on a weekly basis, most tenants choose to pay fortnightly. Tenants are then required to liaise with gas and electrical companies in order to be connected to the local system through a company of their choice.
