Auckland Rents Ease In July

The average weekly rent for Auckland properties in July was $417, and for the second consecutive month moved downwards.

"Weekly rents have retreated by $17 from their all-time high in March," said Peter Thompson, Managing Director of Barfoot & Thompson.

"July's average rent, achieved across 715 new tenancies, was down $3 from that for June and $10 from May. It was, however, $9 higher than in July last year.

"For the first time in four months the number of new properties rented fell below that for the corresponding period last year.

"For all but one month of 2011 (in February) demand for properties has been high, and average rentals have moved in an $18 band between $416 and $434.

"There remains a strong demand for rental property, and the average weekly rent is likely to remain in this current band."

Ends

© Scoop Media