Rental market report

Rents increase, demand decreases in Auckland

The median rent in New Zealand is $600 (May, 2023). That's up $30 a week (5.26%) since the same time last year. The annual adjustment for Auckland is at $670 up from $630 representing a 6.35% increase. 

According to recent Tony Alexander's survey, over 10% of investors say the numbers of people looking for a rental property has reduced and that it is harder to find good tenant. This is supported by rental listing promoter TradeMe with data highlight there were 5,520,000 rental listing searches in June 2024, down 13% compared to the same time last year. In addition, there were a total of 10,668 new rental listings that came onto that site in June, that's up 14% on the same time last year. Therefore rental demand is down, and supply is up.

Commentary from Property Mangers signal that stock levels of rental listings is the highest it has been since 2018. The market is not carrying overburden from the Auckland Anniversary Floods or damage caused by cyclone Gabrielle so demand is by-in-large normalised, while the inability of many new-build companies to sell townhouse and apartment property has created supply spikes.  The average rental listing is 22 days on TradeMe, which is an increase of 29% or 5 days year on year.

If you have an investment property and are seeking a smart and sensible property management solution which is customised to your situation and requirements we would welcome the opportunity to have a chat. We offer a more sensible management fee and accountable asset protection schedule which will make you feel right at home.  Call Graham McIntyre on 0276320421 for more information.