Otago has emerged as the most expensive region in New Zealand, for renters

New Trade Me figures reveal the median weekly rent in Otago reached a record high of 685-dollars in August - up 5.4 per cent year-on-year.

Trade Me Property spokesperson Casey Wylde says the jump can be attributed to big increases in rental prices in Dunedin, paired with already high costs in the Queenstown-Lakes District.

Nationally, median rents are steady at 620 dollars a week for a third consecutive month, while they've fallen in both Wellington and Auckland.