21 Rent Rent growth has remained steady at around 5%, as it has for the past four years. Hamilton has seen the largest annual increase in rent compared to the other main centres. As high prices slow the nationwide gross yield has stopped falling, but at just over 3% is still at historic low levels. The Labour Party recently announced a policy targeted at landlords with the removal of the benefits of negative gearing, where losses from a rental property can be offset against income tax. Claims of the impact of this policy range from landlords increasing rent, through to little or no impact. Gross Rental Yield - National National Annual Change in Value and Rent Median Weekly Rent Annual Change in Rent Gross Yield Auckland $492 2.3% 2.1% Hamilton $355 7.6% 3.5% Tauranga $413 4.8% 3.2% Wellington $443 3.5% 3.2% Christchurch $356 -1.9% 3.7% Dunedin $300 3.8% 4.3% Source: CoreLogic NZ / MBIE