The average residential property rent in the Auckland region increased by less than a dollar in the third quarter of this year.
Real estate agency Barfoot & Thompson, which manages more than 16,000 Auckland rental properties on behalf of landlords, says the average rent charged for those properties increased from $605.51 a week in the second quarter of this year to $606.25 in the third quarter, a quarterly increase of just 74 cents.
However, on an annual basis, average rents were up by $17.49 (2.97%) a week in the 12 months to September.
Of the main housing types, average rents in the third quarter of this year ranged from $394.74 a week for one bedroom properties to $611.96 for three bedroom homes.
One bedroom properties had the lowest rate of annual rent growth at 2.57% and two bedroom properties the highest at 3.14% (the table below shows the trends by property type and location).
"While prices [rents] are still moving up gradually, we have seen a consistently slower pace of change bed-in over the last two years," Barfoot & Thompson director Kiri Barfoot said.
"By way of contrast, if we look back five or six years, we were seeing the peak of increases hitting nearly double the current rate.
"For example, in September 2015, rents had risen well over 6% year on year and by more than $30 a week," she said.
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Average Rents for Residential Properties Managed by Barfoot & Thompson - Q3 2021
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