Auckland July rents down on June, still above year earlier

"Weekly rents have retreated by $17 from their all-time high in March," said managing director Peter Thompson.

"July's average rent, achieved across 715 new tenancies, was down $3 from that for June and $10 from May. It was, however, $9 higher than in July last year."

Thompson said that for the first time in four months, the number of new properties rented fell below the corresponding period last year.

"For all but one month of 2011 (in February) demand for properties has been high, and average rentals have moved in an $18 band between $416 and $434.

"There remains a strong demand for rental property, and the average weekly rent is likely to remain in this current band."