Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Quarterly Rental Update: Auckland’s Average Rent Holds Above $600 Per Week Through Second Quarter

Auckland’s average weekly rent ticked over the $600 mark in April and finished the second quarter with a June average of $605, according to data from more than 16,500 rental properties managed by Barfoot & Thompson.

Director Kiri Barfoot says that the figure is in keeping with the anticipated annual increase in rents across the city.

“The year-on-year increases in average rent have hovered between 2 and 3 per cent each year for the past several years, with exception of the second and third quarters of 2020 when the Government-mandated rent freeze was in place.

“June’s figure represents a 0.3 per cent increase on May’s average – or around $2 more per week, and 2.9 per cent year-on-year, or roughly $17 more per week.”

However, what has altered over time are the drivers behind the changes, which can cycle between housing types, sizes, and locations and depend on multiple factors.

“Over the past couple of quarters rents in some of the higher-priced areas, like the Eastern Suburbs and now the North Shore, have become more static, while the lower-priced areas of South Auckland, West Auckland and Rodney are now rising more quickly.

“For example, Rodney has seen significant migration and development recently. Just two years ago it was seeing relatively little movement, under 2 per cent, but is now well over double that rate.

“And while the average rents in the South and West have risen at a greater rate than other areas, they remain the lowest-priced regions of the city behind rural Manukau/Franklin.”

The ‘typical’ three-bedroom rental property remains the most popular and available option and has also experienced slightly higher than average weekly rent increases at 3.6 per cent.


Average weekly rent received across Auckland – June 2021          
  No Bedrooms         Year-on-year % increase  
  1 2 3 4 5+ Total  
Central Auckland $415 $594 $1,015 - - $503 - 3.8% 
Central Suburbs $407 $543 $680 $846 $1,096 $645 2.9% 
Eastern Suburbs $410 $553 $721 $908 $1,170 $685 3.2% 
Franklin/Manukau Rural $345 $412 $491 $599 $730 $515 3.3% 
North Shore $428 $517 $636 $784 $943 $649 0.9% 
Pakuranga/Howick $386 $494 $603 $722 $824 $631 2.7% 
Rodney $375 $493 $585 $714 $847 $607 4.1% 
South Auckland $344 $448 $552 $663 $798 $554 4.8% 
West Auckland $371 $472 $556 $666 $811 $560 4.2% 
Total $397 $511 $608 $737 $903 $605 2.9% 
Year-on-year % increase 2.8% 3.3% 3.6% 2.7% 2.0% 2.9%   

Based on statistics drawn from a portfolio of 16,500+ Auckland rental properties managed by Barfoot & Thompson during the month of June 2021, and compared to June 2020. This includes both existing and newly signed tenancies. All prices have been rounded to the nearest dollar. Please note: While previous Quarterly Rental Updates have drawn figures from the entire three-month quarterly period, this update (and future intended updates) use figures from the final month of the quarter only. This method provides the latest pricing information. Monthly rental statistic reports are also available on the Barfoot & Thompson website under ‘Market Reports’ here.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Consumer NZ: Buy-now, Pay-later Raking In $10m+ In Late Fees Annually

A Consumer NZ survey has found buy-now, pay-later services are costing shoppers more than $10 million a year in late fees. Close to four out of 10 Kiwi consumers use buy-now, pay-later services, such as Afterpay, Laybuy and Zip... More>>

Westpac: Catherine Mcgrath Appointed New Zealand CEO

Westpac Group CEO Peter King and the Westpac New Zealand Board today announced the appointment of Catherine McGrath as Chief Executive Officer, Westpac New Zealand... More>>

Amazon: AWS To Open Data Centres In New Zealand

Today, Amazon Web Services (AWS), announced plans to open an infrastructure region in Aotearoa New Zealand in 2024. The new AWS Asia Pacific (Auckland) Region will consist of three Availability Zones (AZs) and join the existing 81 Availability Zones across 25 geographic AWS Regions at launch... More>>


Statistics: Surge In Imports Results In Record Monthly Trade Deficit
Imports increased $1.8 billion in August 2021 compared with August 2020, resulting in a record monthly trade deficit of $2.1 billion, Stats NZ said today. Exports were little changed, down $42 million. "This is a larger deficit than normal because of higher values for imports.. More>>

Fonterra: Completes reset, announces annual results and long-term growth plan out to 2030

Fonterra Co-operative Group Limited today announced a strong set of results for the 2021 financial year, reflected in a final Farmgate Milk Price of $7.54, normalised earnings per share of 34 cents and a final dividend of 15 cents... More>>

Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>