Auckland's largest real estate agency has reported an early spring spike in rental property activity.
Barfoot & Thompson, which manages more than 13,000 residential rental properties in the Auckland region, says online applications from tenants for rental properties were up 28% in August compared to July, while online rental property searches were up 26% for the month.
Rental activity is usually quieter over the winter months, then picks up in spring and peaks over summer.
However, the traditional spring surge in rental activity has started earlier this year, the company said.
"This signals an early start to the 'shifting season,' when tenants begin to look elsewhere for properties that might better suit their needs," said Kiri Barfoot, who heads Barfoot & Thompson's property management services.
"It's a typical spring trend but we are seeing it take hold earlier each year as people try and get in ahead of the crowds.
"It's likely activity will also peak earlier this year, prior to, rather than after the Christmas holidays,"
Having just come through the winter months, finding a home that was warm and dry was high on the list of priorities for many prospective tenants.
"Homes with insulation and efficient heating are highly sought after and we encourage our landlords to upgrade their properties in this way," Barfoot said.
However, while demand for rental properties was up, rents remained steady.
The average weekly rent being charged on properties managed by Barfoot & Thompson was $496 in August, up just 1% compared to July and up 6% compared to August last year, suggesting landlords are continuing to accept low rental yields on their properties.
"This indicates that landlords are not pushing to recover the full current purchase price, presenting Auckland renters with reasonable value for money," Barfoot said.
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