Trade Me property data shows rental prices have returned to a record high.
The national median weekly rent was $580 last month, matching the record prices recorded in April.
It was an increase of $20 per week, or 4 percent compared with October last year.
That was despite the oversupply of rental properties on the market.
Trade Me property sales director Gavin Lloyd said the rental price increases were partly caused by increasing costs faced by landlords.
He said in particular the official cash rate hike was likely to flow on to rental prices.
“It’s a cost for a landlord out there, and unfortunately in some cases what we do see is that cost does come across to rents.”
Trade Me’s data showed every region had rent increases, except for Wellington.
The Manawatū Whanganui region saw its highest median weekly rent of all time, hitting $515.
Lloyd said the trend of high rental prices was expected to continue over the next year.