Central Otago and Queenstown Lakes median rents increased substantially in the year ended November while rents grew modestly in Dunedin and fell in Clutha and Waitaki.
The Trade Me Property Rental Index released yesterday showed the median weekly rent in Central Otago was $315 a week, up 11% from November last year.
Clutha rents fell 15% to $170 a week in the same period, they rose 6% in Dunedin to $340, rose 18% in Queenstown Lakes to $530 and fell 8% in Waitaki to $280.
Trade Me property head Nigel Jeffries said the median national rent was unchanged at $400 a week in the month of November but it was up more than 5% since November last year.
''There's less price pressure on tenants and a healthy supply of properties for rent in many areas. Although the weekly rent is holding steady at $400 a week, the year-on-year increases are trending down.''
The rental sector was quietening down at the same time as asking prices for residential property sales were emerging from a winter slump, he said.
Looking at the long-term trend, growth in median weekly rents was dominated by the period between 2011 and 2014, despite the plateau in the past six months.
Since 2009, the median weekly rent had risen by more than 21%, compared with a 28% increase in average asking prices for residential properties over the same period, Mr Jeffries said.
Three regions recorded year-on-year falls in weekly rental.
The largest was Manawatu-Wanganui, where it fell almost 10% to $230 a week, well below the region's peak of $260 per week in October 2013.
The West Coast continued to be weak, down 4% a year to $240 per week.
Otago landlords had enjoyed strong median rent rises of around 6% for most of 2014, but median rents slipped 1.6% in the month of November, he said.
Twelve regions had median rent increases in November, led by Taranaki which is up 16% to $350 a week.
Tenants are paying $50 more than they were a year ago.
The top of the South Island was also showing increased activity. Nelson and Marlborough recorded new highs of $360 a week and $318 a week, respectively.
The tight rental market in Christchurch was still in play and although the median weekly rent of $450 had not budged since October, it was up almost 6% on a year ago, Mr Jeffries said.
