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Cost of three bedroom rental in Auckland remains stable

Media statement
27 June 2013

Cost of three bedroom rental in Auckland remains stable

The average rent for a three-bedroom home in Auckland over the past 3 months has stayed constant at $446 a week.

“Rental prices have been stable now for the past three months, and for a three-bedroom home have risen only $10 since the start of the year,” said Kiri Barfoot, Director, Barfoot & Thompson.

“Much of the movement in rental prices that have taken place in Auckland during the past 12 months occurred during the latter part of 2012, and rents have, since the start of the year, gone through a settled period.

“This stability in rental prices is showing up in all suburbs and across the entire rental stock from 1 to 5 bedroom homes.

“As with house sales, during the winter months there is a seasonal downturn in demand for property, and this takes the pressure off price increases.”

The geographical area of biggest rental increase in the past three months is the western suburbs, where the average rent for a three bedroom home has increased by $48 a week to $400.

In the same area a two bedroom rental has increased by $28 a week to $318, and rent for a four bedroom property has remained constant at $503.

The most attractive three bedroom rentals can be found in Franklin, where the average rent is $354 a week. Prices have increased by $7 a week in this area in the past three months.

The most expensive part of town to rent a three bedroom property is the eastern suburbs where the average rent is $541 a week.

ENDS

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