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Rental Update


Rental Update

Recent rent rises in Auckland do not amount to a "massive price hike" and are only following an annual pattern.

Rents in Central Auckland have risen to an average of $322 a week for a one-bedroom property. This is an increase of 7 per cent from last year, according to figures released by the Real Estate Institute of New Zealand.

However, every year in history, these January, February, March months are the busiest of the year.

This shortage is believed to be caused by "supply and demand", caused in part by relocations – particularly families moving into good school zones.

The regular influx of students coming back to study has also pushed demand higher, particularly in the inner city. Anywhere that surrounds schools at this time of the year is always busy.

The rise in immigration has also played its part. A lot of students coming into New Zealand for university take apartments and contribute to the city growth.

Rents have gone up but in most cases branches are increasing only $15 to $20.

Generally, a 10 per cent increase is considered fair, especially in cases where landlords have improved their rental properties.

Rents have crept up gradually, but "not by huge leaps and bounds" despite what the media may report.

My question for you is are you getting the correct rent for your investment? If you would like me to review it for you or supply you the statistics for you suburb please respond to this email with what you would like.

Adam Thomson

© Scoop Media

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