The median weekly cost of renting a house in New Zealand has risen more than six per cent on a year ago, underpinned by a heated rental market in Christchurch, according to the Trade Me Property Rental price index.

Rents are rising faster than property asking prices, which indicates things are tightening up for tenants, said Trade Me Property head Nigel Jeffries. The new index measures rental trends for more than 10,000 properties listings through Trade Me Property by private landlords and property managers in October. Mr Jeffries said…