Rents rise and rise

Rents charged by residential landlords in most parts of Auckland has risen by about 3% year-on-year to hit $616.32 a week, figures to the end of March show.

Monday, May 23rd 2022

Barfoot & Thompson, Auckland’s biggest residential real estate agency, manages 16,000 properties, says this year’s rents were up 3.19% on March 2021’s average of $597.25.

The numbers were similar in most areas of the region, with Rodney, North Shore, West Auckland, Eastern Suburbs, Pakuranga and Howick, and rural Manukau and Franklin all with average rents rising between 2.91% and 3.88%.

“This movement in rental prices makes the first quarter of 2022 one of the higher quarters in recent years, but still measured in proportion to the 5-6% increases between 2014 and 2017,” says Kiri Barfoot, Barfoot & Thompson director.

“What we are seeing is a slight rebound off the back of a period of frozen and slow-moving rents during the pandemic challenges of 2020 and 2021, as well as the expected pressure on rental properties’ operating costs that are a bi-product of compliance costs, rising inflation, increasing interest rates and reduced tax deductibility.”

Only the central city and fringe had lower increases, just shy of 1.5%, but this was not expected to last over the longer term if demand began to return with renewed interest from students, short-term city renters and tourists.

South Auckland had the highest percentage increase across the region at 4.47%, however it has the third lowest average weekly rent of any area of the city at $555.21.

By size, homes at either end of the market recorded the greatest increases in average price, with one-bedroom properties attracting weekly rents 3.35% percent higher on average than last year, and four-bedroom homes attracting rents 3.84% higher.

For the typical Auckland rental, a three-bedroom home, the average weekly rent was now $621.10, up 3.1% or nearly $19 per week on a year ago.

Average weekly rent received across Auckland – March 2022


No comments yet

Select Home Loans 4.29
HSBC Premier 4.39
ICBC 4.39
Heartland Bank - Online 4.40
China Construction Bank Special 4.45
SBS Bank Special 4.55
Kainga Ora 4.57
Co-operative Bank - First Home Special 4.75
TSB Special 4.85
AIA 4.85
Co-operative Bank - Owner Occ 4.85
Select Home Loans 4.86
Heartland Bank - Online 4.90
TSB Special 4.99
ICBC 5.09
HSBC Premier 5.15
SBS Bank Special 5.19
China Construction Bank Special 5.19
AIA 5.35
Co-operative Bank - Owner Occ 5.35
First Credit Union Special 5.45
Unity 5.55
Select Home Loans 5.20
HSBC Premier 5.89
ICBC 5.89
SBS Bank Special 5.95
TSB Special 5.99
BNZ - Classic 6.19
Kiwibank Special 6.29
Resimac 6.33
China Construction Bank Special 6.35
Westpac Special 6.39
Kainga Ora 6.43
Select Home Loans 4.09
Heartland Bank - Online 4.10
Pepper Money 4.49
Liberty 4.84
TSB Special 4.89
Kiwibank Special 5.00
ICBC 5.25
Kainga Ora 5.43
Kiwibank 5.50
China Construction Bank 5.50
Kiwibank - Offset 5.50

More Stories

Phenix Salon Suites brings lucrative property management franchise opportunity to NZ

Monday, June 27th 2022

Phenix Salon Suites brings lucrative property management franchise opportunity to NZ

Fast-growing US property management franchise, Phenix Salon Suites, is looking to expand its global footprint into the New Zealand market.

Patchy housing market shows widespread falls as well as some increases

Thursday, June 23rd 2022

Patchy housing market shows widespread falls as well as some increases

Despite the widespread fall in house prices across the country, some suburbs are bucking the trend and rising.

Banks switch focus to refinancing

Wednesday, June 22nd 2022

Banks switch focus to refinancing

Banks are moving into offering incentives for investors and homeowners to switch when refinancing their mortgages as property sales plummet.

Questions over new office construction

Tuesday, June 21st 2022

Questions over new office construction

New build office development activity is ramping up in Auckland, Wellington and Christchurch, but is now the best time to proceed?