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Strong demand boosts Auckland rents, says Barfoot & Thompson


Auckland rents have continued on an upward trajectory, with the average weekly rent up $8 to $427 in May, according to Barfoot & Thompson.

"Rents eased in April from their all time high in March, but there was strong demand for rental property in May, and the rents achieved across 704 new tenancies rose," said Barfoot & Thompson managing director Peter Thompson.

"May's average rent is $28 higher than the average charged 12 months ago and $48 higher than two years ago. The ever growing population of Auckland, the low level of new dwellings being built and the modest turnover in sales are all combining to create a demand for rental property."

Source: Landlords.co.nz