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Wednesday October 21st, 2015

Auckland rental properties with an asking-rent of less than $400 a week have all but dried up, even for a unit or a small one-bedroom home, according to Trade Me.

Trade Me's latest rental market data shows an 8.4 per cent year-on-year increase in Auckland rents.

That is the second-highest annual rent increase in five years, after a 9 per cent jump in the year to September 2011.

Head of Trade Me property Nigel Jeffries said even the smallest unit or one-bedroom home would cost a typical Auckland tenant at least $400 a week.

"You're now looking at $499 per week for a typical property, taking annual rent costs close to $26,000 – about $2000 more than a year ago. It piles more pressure on to the cost of living for tenants," Jeffries said.

Trade Me's data was released amid warnings that a top academic ranking for Auckland University was likely to at least double its number of international students, putting further pressure on the rental housing market.

The university's position in the latest QS World University Rankings has improved to 92, from 94 last year.

It is the only New Zealand university ranked in the top 100.

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