Rental Yield Indicator

Indicative gross rental yields for three bedroom houses in 56 selected areas with high rental activity during the previous six months. Based on REINZ lower quartile selling prices and median rents recorded by Tenancy Services' Bonds Centre in each area over the previous six months.
			Indicative gross residential rental yields for the six months ending:
Town/region	Yield % June 2021	Yield % March 2021	Yield % Dec 2020	Series break*	Yield % Sept 2020	Yield % June 2020	Yield % March 2020	Yield % Dec 2019	Yield % Sept 2019	Yield % June 2019	Yield % March 2019	Yield % Dec 2018	Yield % Sept 2018	Yield % June 2018	Yield % March 2018	Yield % Dec 2017	Yield % Sept 2017	Yield % June 2017	Yield % March 2017	Yield % Dec 2016	Yield % Sept 2016	Yield % June 2016	Yield % March 2016	Yield % Dec 2015	Yield % Sept 2015	Yield % June 2015	Yield % March 2015	Yield % Dec 2014	Yield % Sept 2014
Whangarei:
Kamo	4.9	5.2	5.6	---	5.4	5.2	5.3	5.4	5.5	5.3	5.3	5.5	5.5	5.5	5.4	5.5	5.3	5.5	5.4	5.4	5.9	6.1	6.0	5.6	7.1	6.5	6.9	7.6	6.4

Rodney - Orewa	3.8	4.1	4.4	---	4.1	4.1	4.0	4.1	4.2	4.2	4.2	4.1	3.9	4.0	4.0	4.0	4.0	4.0	4.0	3.8	3.9	4.1	4.1	4.1	4.3	4.5	4.5	4.6	4.8

North Shore:
Beach Haven	3.4	3.4	3.9	---	3.8	3.8	3.9	4.1	4.2	4.1	3.8	3.8	3.9	3.9	3.8	3.8	4.0	3.8	3.7	3.7	3.7	3.7	3.9	3.8	3.9	4.0	4.3	4.3	4.6
Torbay	3.4	3.4	3.8	---	3.7	3.8	3.9	3.9	4.0	4.0	3.8	3.9	3.9	3.7	3.7	3.6	3.6	3.6	3.7	3.6	3.4	3.6	3.8	3.6	3.8	4.0	4.5	4.6	4.5

Waitakere:
Glen Eden	3.6	3.7	4.1	---	4.1	4.1	4.0	4.2	4.3	4.3	4.0	4.1	4.1	3.9	3.8	3.9	3.9	3.9	4.0	3.8	3.7	3.9	4.0	4.0	4.1	4.3	4.6	4.9	5.1
Massey	3.5	3.7	4.1	---	4.1	4.1	4.2	4.3	4.3	4.3	4.0	4.0	4.0	4.2	4.2	3.9	3.9	3.8	4.0	3.9	3.8	4.1	4.1	4.0	4.1	4.4	4.6	4.9	5.1
Henderson	3.6	3.8	3.9	---	3.9	4.0	4.3	4.4	4.6	4.4	4.1	4.2	4.1	4.1	4.2	4.1	4.1	4.0	3.9	3.8	3.8	3.8	4.1	4.1	4.1	4.4	4.7	4.9	5.0

Central Auckland:
Avondale	3.2	3.4	3.8	---	3.8	3.5	3.7	4.2	4.3	4.2	3.9	3.9	4.1	4.0	3.7	3.6	3.6	3.5	3.6	3.6	3.7	3.6	3.7	3.7	3.9	4.1	4.2	4.4	4.5

Manukau:
Highland Park	3.0	2.8	3.6	---	3.6	3.6	3.4	3.4	3.5	3.8	3.4	3.3	3.3	3.6	3.7	3.6	3.8	3.6	3.5	3.5	3.4	3.3	3.3	3.6	3.6	3.8	3.8	4.1	4.3
Papakura	4.4	4.4	4.6	---	4.5	4.6	4.6	4.7	4.7	4.8	5.1	5.0	4.9	4.7	4.6	4.7	4.7	4.3	4.3	4.4	4.4	4.7	4.8	4.8	4.9	5.5	5.6	5.9	6.0
Franklin - Pukekohe	4.4	4.4	4.7	---	4.6	4.6	4.5	4.4	4.5	4.6	4.7	4.6	4.5	4.6	4.7	4.7	4.8	4.8	4.6	4.4	4.3	4.5	4.9	5.0	5.0	5.3	5.5	5.6	5.6

Hamilton:
Deanwell	4.2	4.1	4.7	---	4.9	4.6	4.7	4.9	5.0	5.0	4.9	4.9	5.1	5.1	5.1	4.9	4.8	4.8	4.8	5.0	5.1	5.4	5.3	5.5	6.2	6.8	6.9	6.9	6.9
Fairfield	4.1	4.2	5.1	---	4.9	4.9	4.9	4.8	4.9	4.7	4.4	4.4	4.8	4.7	4.6	4.6	4.5	4.5	4.9	4.8	4.8	5.1	5.4	5.7	6.0	6.8	6.7	6.2	7.0
St Andrews	3.8	3.8	4.2	---	4.2	4.3	4.2	4.3	4.6	4.5	4.6	4.7	4.7	4.7	4.7	4.6	4.6	4.5	4.4	4.3	4.6	4.7	4.7	4.9	5.3	5.4	5.4	5.6	5.8

Cambridge - Leamington	3.9	4.0	4.5	---	4.4	4.3	4.4	4.3	4.5	4.4	4.4	4.5	4.6	4.6	4.3	4.2	4.4	4.4	4.6	4.6	4.7	4.8	5.2	5.3	5.2	5.5	5.5	5.6	5.9

Te Awamutu	4.4	5.2	4.8	---	4.7	4.3	4.9	5.1	5.0	4.9	4.9	4.9	5.1	5.0	4.9	5.1	5.0	5.1	5.0	5.1	5.2	5.2	5.7	6.2	6.3	6.5	6.2	6.3	6.4

Tauranga:
Greerton	4.1	4.3	4.7	---	4.4	4.7	4.6	4.6	4.5	4.8	5.5	5.1	4.9	4.8	4.7	4.8	5.1	4.7	4.6	4.4	4.3	3.7	5.2	5.2	5.6	6.0	6.1	5.9	5.9
Bethlehem	3.7	4.0	4.4	---	4.1	4.4	4.2	4.1	4.3	4.2	3.7	4.0	4.2	4.2	4.3	4.3	4.1	4.0	4.1	3.7	4.2	4.2	4.6	4.8	4.8	4.5	4.8	5.3	5.4
Mt Maunganui	3.6	3.8	4.1	---	4.1	4.3	4.3	4.1	4.2	4.4	4.6	4.5	4.6	4.6	4.4	4.2	4.3	4.4	4.4	4.2	4.2	4.4	4.8	4.6	4.7	5.4	5.7	5.6	5.2
Pyes Pa	4.2	4.4	4.9	---	4.6	4.5	4.5	4.7	4.5	4.7	4.8	4.7	4.5	4.6	4.4	4.6	4.7	4.3	4.8	4.8	4.9	4.8	5.4	5.5	5.3	5.9	5.7	5.7	5.8
Te Puke	4.3	4.7	4.7	---	4.6	4.8	5.1	5.3	5.2	5.3	5.0	5.1	5.1	4.8	4.9	5.5	5.0	4.9	5.3	5.4	5.5	5.6	5.8	5.9	6.2	6.4	6.2	6.2	5.7

Whakatane	4.3	4.3	5.3	---	5.2	5.3	5.2	5.5	5.7	5.4	5.7	5.9	5.8	6.1	6.3	6.0	6.1	6.0	6.1	5.8	6.5	6.6	6.4	7.1	7.3	6.7	6.3	6.7	6.9

Rotorua:
Owhata	5.9	5.8	7.0	---	6.7	6.7	6.8	6.3	6.1	6.5	6.1	6.3	7.0	7.8	7.8	7.4	9.3	10.5	8.0	9.7	10.7	9.4	8.7	8.3	8.7	n.a.	n.a.	n.a.	n.a.
Glenholm	5.3	5.0	5.1	---	5.1	5.8	4.9	4.9	5.4	6.0	4.9	4.9	5.5	5.4	5.8	4.9	5.6	5.5	4.9	7.3	7.5	6.4	5.9	6.3	6.6	n.a.	n.a.	n.a.	n.a.
Ngongotaha	5.2	5.8	6.9	---	6.6	6.2	6.0	5.9	5.5	6.0	6.1	6.5	6.7	6.0	6.7	7.6	8.5	6.2	8.6	8.2	7.2	7.9	7.7	8.0	8.2	n.a.	n.a.	n.a.	n.a.

Hastings - Flaxmere	5.1	5.2	6.1	---	6.0	5.9	6.1	6.3	7.0	7.9	8.2	8.3	8.4	9.2	9.6	9.8	9.9	9.3	8.9	8.6	9.4	9.3	10.9	11.5	11.0	12.1	12.2	11.7	11.8

Napier - Taradale	3.7	3.7	4.6	---	4.5	4.3	4.3	4.7	4.5	4.6	5.0	5.1	4.9	4.7	4.6	4.4	4.4	4.9	5.0	4.9	5.1	5.5	5.4	5.6	5.5	5.3	6.2	6.3	6.1

Taranaki:
New Plymouth	4.6	4.6	4.9	---	4.6	5.0	4.6	5.4	5.5	4.7	5.3	5.1	4.6	4.8	4.6	4.7	5.4	4.9	4.7	5.3	5.1	5.4	5.8	5.4	5.5	n.a.	n.a.	n.a.	n.a.
Waitara	5.3	5.5	5.7	---	6.0	7.0	6.3	6.3	7.7	6.7	7.6	7.4	6.6	6.5	6.4	6.1	6.0	7.2	8.1	7.0	7.7	7.7	8.8	8.9	8.0	n.a.	n.a.	n.a.	n.a.

Whanganui	5.8	5.7	6.6	---	6.2	6.8	7.0	7.4	7.6	7.8	8.1	8.2	8.5	9.0	9.0	8.9	8.7	8.6	9.1	9.7	9.7	10.3	9.6	10.0	14.9	n.a.	n.a.	n.a.	n.a.

Palmerston North:
Kelvin Grove	4.4	4.3	5.5	---	5.3	5.3	5.4	5.2	5.3	5.7	5.6	5.7	5.9	6.2	6.3	6.5	6.3	6.5	6.6	6.6	7.0	7.3	7.4	7.2	7.2	n.a.	n.a.	n.a.	n.a.
Palmerston North Central	4.0	4.3	5.1	---	4.7	4.4	4.9	4.7	4.8	5.3	5.3	5.2	5.1	5.1	5.0	4.9	5.5	6.0	5.9	5.6	6.5	6.3	5.6	5.5	6.2	n.a.	n.a.	n.a.	n.a.
Takaro	4.3	4.5	5.2	---	5.1	5.1	5.1	5.2	5.5	5.6	5.6	5.7	5.8	6.1	6.0	5.9	6.2	6.2	6.1	6.3	6.7	6.8	7.2	7.1	7.3	n.a.	n.a.	n.a.	n.a.

Kapiti Coast:
Paraparaumu	3.5	3.7	4.3	---	4.3	4.6	4.5	4.5	4.7	4.8	4.5	4.8	5.2	5.0	4.9	5.0	5.0	4.9	4.8	5.3	5.6	5.7	5.9	6.0	6.1	6.2	6.1	6.1	5.9
Waikanae	4.1	4.0	4.9	---	4.3	4.2	4.3	4.5	4.4	4.7	4.5	4.4	4.5	4.5	5.4	5.2	4.7	4.7	5.2	5.5	5.8	5.8	5.9	6.5	6.8	6.6	6.7	5.5	5.4

Upper Hutt:
Silverstream	4.0	4.2	4.1	---	4.3	4,7	4.7	5.2	5.1	5.1	4.9	5.0	4.9	4.9	4.8	5.0	5.4	4.7	4.7	4.6	5.3	5.6	5.8	5.8	6.1	n.a.	n.a.	n.a.	n.a.
Totara Park	4.2	4.2	4.8	---	4.6	5.0	5.3	5.0	5.2	5.3	5.2	5.3	5.6	5.6	5.6	5.6	5.7	5.8	5.8	5.2	5.7	6.2	6.3	6.2	6.8	n.a.	n.a.	n.a.	n.a.

Lower Hutt:
Avalon	3.6	3.8	4.6	---	4.6	4.7	4.4	4.7	4.9	4.8	5.2	5.1	4.5	4.7	5.0	4.5	4.8	4.9	5.1	5.6	5.1	5.5	5.8	5.2	5.1	n.a.	n.a.	n.a.	n.a.
Naenae	3.9	4.3	5.0	---	4.9	4.9	4.9	5.3	5.3	5.0	5.4	5.5	5.4	5.5	5.7	5.9	5.5	5.6	5.8	6.1	6.2	6.5	6.8	6.9	7.1	n.a.	n.a.	n.a.	n.a.
Wainuiomata	4.2	4.2	5.1	---	5.0	5.0	5.0	5.1	5.3	5.3	5.5	5.5	5.3	5.6	5.6	5.6	5.7	5.9	5.9	6.3	7.0	7.2	7.7	7.7	7.7	n.a.	n.a.	n.a.	n.a.

Wellington:
Johnsonville	3.6	4.1	4.4	---	4.4	4.7	5.0	4.7	4.7	4.7	4.9	5.1	5.0	4.9	4.9	4.6	5.0	5.0	4.9	4.8	4.8	5.2	5.5	5.4	5.6	5.8	5.6	5.5	6.2
Newtown	3.9	4.1	5.7	---	5.3	4.4	4.3	5.0	5.0	5.0	4.6	4.4	4.3	5.0	4.9	4.3	4.5	4.5	4.2	4.1	4.6	4.9	5.4	5.2	5.5	5.1	5.5	5.2	5.6

Tasman:
Motueka	3.9	4.0	4.6	---	4.0	3.9	4.3	4.0	4.0	4.2	4.3	4.4	4.3	4.2	4.2	4.5	5.0	4.4	4.0	4.0	4.7	5.3	5.2	5.4	5.3	5.3	5.5	5.6	5.5
Richmond	3.9	4.1	4.3	---	4.2	4.3	4.3	4.3	4.3	4.5	4.4	4.3	4.3	4.5	4.5	4.6	4.8	4.6	4.7	4.6	4.8	5.3	5.3	5.3	5.5	5.6	5.6	5.8	5.9

Nelson - Stoke	4.1	4.3	4.6	---	4.5	4,6	4.5	4.7	4.7	4.7	4.6	4.5	4.7	4.8	4.9	4.9	4.8	5.0	5.1	5.1	5.2	5.3	5.5	5.7	5.8	5.9	5.7	5.7	6.0

Blenheim	4.5	5.1	5.8	---	5.5	5.2	5.1	5.6	5.5	5.3	5.3	5.3	5.4	5.7	5.6	5.5	5.7	5.6	5.8	6.3	6.5	6.5	7.0	7.0	6.4	6.5	6.5	6.6	6.5

Christchurch:
Hornby	5.0	5.1	5.6	---	5.7	5.8	5.9	5.8	5.8	5.8	5.9	5.8	6.0	5.9	5.7	5.8	5.6	5.6	5.6	5.7	6.1	6.1	6.0	6.0	6.2	6.2	6.3	6.5	6.3
Riccarton	3.9	3.7	4.7	---	4.9	5.2	4.4	4.3	4.4	5.9	5.2	5.1	5.6	5.6	5.2	5.7	5.1	4.7	5.0	5.2	5.5	5.0	5.7	5.0	4.9	5.9	5.2	4.9	5.1
Woolston	5.1	5.5	5.7	---	5.8	6.1	6.3	6.6	6.4	6.4	6.5	7.1	7.2	7.4	7.8	6.7	6.2	6.0	6.2	6.5	6.6	7.4	6.3	6.4	6.6	6.8	7.3	7.2	8.0

Ashburton	5.5	4.7	6.3	---	5.8	5.5	7.3	7.5	6.3	5.7	5.8	6.3	6.3	5.2	5.3	5.8	6.3	7.0	8.3	8.4	6.3	6.1	6.2	7.0	6.9	7.0	6.8	6.7	7.2

Timaru	N/A	5.4	5.4	---	5.5	5.6	5.6	5.7	5.8	6.0	6.1	6.1	5.8	5.6	5.8	6.2	6.0	5.7	6.0	5.9	6.1	6.4	6.5	6.4	6.2	6.6	6.8	6.7	6.3

Queenstown	3.1	3.2	3.3	---	3.6	4.0	4.0	3.7	4.0	4.2	4.0	4.1	4.3	4.2	4.2	4.3	4.4	4.6	4.3	4.1	4.5	4.3	4.6	5.2	5.0	4.8	4.9	4.7	5.3

Dunedin:
Mornington	3.8	4.6	5.6	---	5.3	4.8	4.6	4.7	5.2	5.3	5.1	5.5	5.7	6.2	5.9	5.4	5.8	6.3	7.5	6.5	6.3	6.7	7.9	7.1	6.6	n.a.	n.a.	n.a.	n.a.
Mosgiel	4.2	4.3	4.6	---	4.6	4.7	4.8	5.0	5.2	5.3	5.2	5.3	5.5	5.8	5.6	5.4	5.4	5.4	5.5	5.7	5.7	5.7	6.4	6.4	6.1	n.a.	n.a.	n.a.	n.a.
St Kilda	5.8	6.3	6.3	---	6.1	5.5	5.4	5.7	6.2	6.5	6.9	6.4	6.8	7.3	7.6	7.6	8.6	8.0	7.9	7.5	8.1	7.4	7.2	8.0	8.2	n.a.	n.a.	n.a.	n.a.

Invercargill	N/A	5.6	6.6	---	6.7	6.6	6.6	6.7	7.1	7.0	7.2	7.7	8.3	8.2	7.9	7.9	8.9	8.3	8.3	7.9	8.3	8.4	8.7	9.1	9.0	6.7	9.0	9.2	9.5
Source: Base data from REINZ / MBIE Yield is a property's annual rent expressed as a percentage of its purchase price. The indicative yield figures in this table are gross, and are calculated from the REINZ's lower quartile selling price for three bedroom houses in each area during the previous 6 months, and the median rent for three bedroom houses calculated from new tenancy bonds received by the Ministry of Business Innovation and Employment for the same areas/period. This gives an indication of the gross rental yield that would have been achieved in each area if a three bedroom house was purchased at the lower quarter price and rented at the median rent for that that type of property in that area. Series break note: In November 2020 Tenancy Services changed the geographical boundaries of many of the suburb groupings it uses to collate the bond data from which it calculates median rents. This is likely to have affected the median rent figures used in the indicative yield calculations displayed in the above table. For this reason, the indicative yield figures from December 2020 onwards should not be compared with those prior to December 2020, because any comparison may not be on an apples-with-apples basis.

Rental Yield Indicator

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