Auckland Rental Market Update

Auckland Rental Market Update

Stay up to date with Auckland’s rental market.

Proudly presenting the latest residential rental data as supplied by the Real Estate Institute of New Zealand (REINZ).

Please note: According to MBIE, by removing the most recent month of data, this provides a more complete and accurate picture of all bonds lodged by tenancy start date. Therefore, this report is two months in arrears as per the data provided by MBIE.

In some Auckland areas, we’re seeing the median weekly rent return to the levels we experienced at the same time last year. Or, in some cases, even noting Auckland rents decreasing. 

In February 2024, the average weekly rent for two-bedroom rental properties in Kingsland was $650. Compare this to $620 in February last year and you’ll see a 4.8% increase in rent prices.

In Manukau, the median rent for a three-bedroom home was $690 per week, a 6.2% increase from $659 the year previous. 

If you’re unsure about what rent you should be charging, please get in touch with our team today for a complimentary rental appraisal.

Median Auckland Rent Update – February 2024

OREWA

$-
$588
$720
$830

BROWNS BAY

$450
$588
$750
$895

WEST AKL

$408
$580
$670
$800

SANDRINGHAM

$433
$610
$735
$900

TE ATATU

$498
$620
$700
$830

WATERVIEW

$-
$580
$700
$850

MT EDEN

$500
$650
$848
$965

GLENFIELD

$-
$600
$708
$890

MT ROSKILL

$475
$610
$750
$890

CITY CENTRE

$450
$580
$823
$1,150

EPSOM

$-
$640
$850
$1,185

ELLERSLIE

$430
$630
$750
$910

REMUERA

$500
$690
$900
$1,150

MANUREWA

$400
$580
$690
$830

PUKEKOHE

$435
$520
$635
$730

PAPAKURA

$390
$550
$690
$795

MEADOWBANK

$470
$660
$850
$1,123

HOWICK

$445
$600
$750
$900

MANGERE

$385
$565
$700
$840

PAPATOETOE

$405
$550
$700
$793

A Note from us,

As a result of rising interest costs, we expected to see an influx of investors increasing the rents across their portfolios over the next year. However, this number has fallen to an all-time low since June 2021 with only 5.7% of investors looking to increase rent.

Many landlords report it is progressively harder to find good tenants, reflected in their desire to keep their current tenants rather than seek new ones.

Rents are showing a slight decrease due to an influx of available rental stock, competition of vacant properties across Auckland, and landlords wanting to fill their properties faster. Other parts of the country are also facing similar changes.

For more information, please get in touch with your property manager today.

Request an updated rental appraisal

Would you like to know how much rent to charge or what rental income your rental property could generate? Please contact our property management team for a complimentary rental appraisal. 

We analyse current rental figures in your area and provide an estimate of the current market value for your property. 

request a free rental appraisal based on the latest rent market update

Why work with 360 Property Management?

Our expert team draw on extensive market knowledge and statistics to set the correct rent rate from the outset, which we revise with annual rent reviews. Our property managers can also provide advice on how to maximise rent.

We have a dedicated leasing agent who works evenings and weekends, meaning your property will be in front of the right prospective tenants. We use professional photos, presenting your property in the best possible light.

Do you know the value of your investment property?

As an investor, we believe it is important to know what is happening in the property market and how this is affecting the current market value of your investment property.

We work alongside one of the top sales teams in the industry who have access to the latest residential sales data. Our agents can provide you with a free valuation.

If you do choose to sell, we can offer you a discounted rate if you want to list and sell your property through one of our affiliated ray white offices. The benefit of listing with us as we have a relationship with the sales team and work collaboratively making the transaction smooth and easy for all parties

Recommended blog posts,

Furnished vs Unfurnished rental properties.

Historically, furnished properties collect higher rent than unfurnished properties. But what is the best option for you? Read more.

Renting with pets.

64% of people in New Zealand have at least one pet, so why is it still so uncommon to find a pet-friendly rental? Read more about renting with pets here.

Do tenants and landlords need insurance?

Both landlords and tenants should understand the importance of insurance. Read more about the pros and cons here.

Please Note: These market rent statistics have been provided by the Real Estate Institute of New Zealand. The data has been derived from information gathered from bonds lodged at the Ministry of Business Innovation and Employment (MBIE) – Tenancy Bond Services. 

However, these results may not be a true representation of the entire housing market. They are only a reflection of rental properties where bonds have been lodged at the MBIE – Tenancy Bond Services. 

This report is two months in arrears as per the data provided by MBIE. Removing the most recent month of data provides a more complete and accurate picture of all bonds lodged. This is because the most recent month’s data is incomplete. This is due to the time taken between a bond being lodged (23 working days) and the database being updated. Visit the real estate institute of New Zealand website here to see the latest real estate data.