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.
The comment stream on this story is now closed.
Average Rents for Residential Properties Managed by Barfoot & Thompson - Q3 2021
- You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register (it's free) and when approved you can select any of our free email newsletters.
5 Comments
central will be missing the international students , as for the rest you can only squeeze an orange so far then there is no more juice, so without wage growth, subsidy growth or population growth there is no more juice
Component of the CPI, will help to lower the inflation rate
Well Sharetrader. "...no more juice..."...I have seen this written over the years.
As Kiwis on their OE have done for years, people put more flatmates in their empty rooms or share the lounge.
This enables the high rent in Tokyo or London even to be paid by Kiwis. Yes you are right. There is a limit.
Mean reversion for rents will come post Christmas.
Well, there's one thing where inflation is close to zero
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.