Renters across the country will be pleased the 23 percent price hike since May 2016, has come to a standstill

Trade Me's latest Rental Price Index shows the relentless increases in rents have - for now - come to a halt.

The national median rent remained unchanged for the third consecutive month in May - at 540 dollars per week.

Sales director Gavin Lloyd says tenants will be relieved.

He says it should give them encouragement heading into the next few months that they're not going to see that median figure lift.