Autumn Cooling, Economic Headwinds Fail To Slow Rental Market

Rental market activity remained high in March, defying the typical post-summer cooling and delivering one of the busiest months for rental home viewings in the past five years.

“Renter activity has remained strong across Auckland, Northland and Bay of Plenty, even as we track out of the traditional summer peak and households grapple with challenging economic news,” says Anil Anna, General Manager, Property Management at Barfoot & Thompson.

Throughout the month, the agency received 32,712 enquiries about rental listings, 14.1% above the three-month average; and more than 10,800 groups were shown through homes available for rent, the greatest number since a January 2021 peak.

Applications totalled 4,177, up nearly 25% on March last year, resulting in 716 properties being let during March, the highest number since August 2023.

“While this was only the second time in six years that letting has surpassed 700 homes, what we are observing is not rushed decision-making, but purposeful interest and demand,” says Anil.

“It’s clear renters are eager to explore the market in turning up to viewings, but they are also taking their time and running their numbers before committing to a home.”

Pricing remains steady as expectations align

Despite the sustained lift in activity, rents across Auckland showed only modest movement.

The average Auckland rent across all property types sat at $696.75 per week in March, within cents of recent months, and up just 0.8% on the same time last year. Similar pricing trends were seen in Northland and Bay of Plenty.

“Higher activity has not translated into sharp rent growth, which tells us this is still a price-sensitive market,” says Anil. “Renters remain disciplined, and landlords are having to meet the market if they want to secure tenants promptly.”

He said this included many landlords opting for little to no increases at regular rent reviews to maintain existing tenancies.

A standout in March was also the proportion of properties, in the high-60% range, being rented at their initial advertised price, and a related drop in vacancy periods.

“That growing alignment on price is helping homes rent faster,” says Anil. “Over the past year, the average gap between a property becoming available and a tenancy starting has fallen by half to around 30 days, a meaningful shift for owners.”

Renters seek the sweet spot between cost, commute and space

While demand has remained strong, property managers report that renters are weighing their options more closely, prioritising affordability and proximity to work and schools.

“People are taking their time, comparing options, and many are trying to find that sweet spot where they can reduce costs without compromising too much on space or practicality.”

Anil says three-bedroom homes were holding up well as a middle ground between cost and space, while newly built townhouses, particularly those lacking garaging or a yard, were taking longer to rent or requiring price reductions.

March ended with the lowest number of available listings in at least the past two years.

Notes:

Barfoot & Thompson’s Property Management division operates in company branches across Auckland, Northland and Bay of Plenty. It is New Zealand’s largest private residential property management company, managing 21,000+ rental properties and employing more than 300 property managers and support staff. In Auckland, it manages around 18,500 properties at any one time. Three-bedroom properties represent over a third of this portfolio, followed by two-bedroom properties at just over a quarter. Across Auckland, it manages the most properties in West Auckland (>2,500), followed closely by South Auckland, North Shore and the Eastern city fringe suburbs. The division’s data from Central Auckland is made up of almost entirely apartments. In January 2026, the agency was recognised as the Best International Lettings/Rentals Agency at the 2025-26 International Property and Hotel Awards.

Rental activity

Glossary of terms: Average weekly rent is specific to properties in the Auckland region. All other figures are from Barfoot & Thompson's total portfolio. Properties rented includes new properties and new tenancies at already managed properties let during the month. Month end properties available is the number of properties listed for rent at the end of the calendar month. Enquiries is the total number of enquiries via the Barfoot & Thompson website, third-party sites, phone calls and emails. Viewings is the total number of open and by appointment viewings hosted during the month. Shown through is the number of individuals or groups registered to attend any viewing. Applications are complete applications received to rent a listed property.

Average weekly rent – Auckland, March 2026, year-on-year comparison

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