Auckland rents continue to climb - but central Auckland is bucking the trend.
New data from Barfoot and Thompson, gleaned from the 16,500 rental properties the company manages, shows the average weekly rent in the region is now $605 - up 2.9 percent on the previous year.
Every area in Auckland bar one has experienced a year-on-year increase - led by south Auckland, where average rents rose by 4.8 percent to $554, and west Auckland, where rents are now up 4.2 percent on the same time in 2020 to $560.
Rodney rents increased 4.1 percent compared to last June, while Franklin/Manukau Rural rose by 3.3 percent, Eastern Suburbs by 3.2 percent, Central Suburbs by 2.9 percent and Pakuranga/Howick by 2.7 percent.
Average rents on the North Shore rose 0.9 percent in the last year to $649.
"The year-on-year increases in average rent have hovered between 2-3 percent 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," director Kiri Barfoot explained.
"June's figure represents a 0.3 percent 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."
But central Auckland is going against the grain. The latest data shows the average rent there is now $503, down 3.8 percent on the same time last year.
The average one-bedroom property in the CBD goes for $415 a week, Barfoot and Thompson says, with two bedrooms setting you back $594 and three going for about $1015.
Barfoot says the drivers behind rent price changes 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," she said.
"For example, Rodney has seen significant migration and development recently. Just two years ago it was seeing relatively little movement, under 2 percent, 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."
Three-bedroom houses saw the largest rent increase in Auckland over the last year, up 3.6 percent region-wide.
