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 June 2024, the average weekly rent for two-bedroom rental properties in Kingsland was $650. Compare this to $598 in May last year and you’ll see an 8.6% increase in rent prices.
In Mangere, the median rent for a three-bedroom home was $698 per week, a 6.5% increase from $655 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 – June 2024
OREWA
BROWNS BAY
WEST AKL
SANDRINGHAM
TE ATATU
WATERVIEW
MT EDEN
GLENFIELD
MT ROSKILL
CITY CENTRE
EPSOM
ELLERSLIE
REMUERA
MANUREWA
PUKEKOHE
PAPAKURA
MEADOWBANK
HOWICK
MANGERE
PAPATOETOE
A Note from us,
Recent surveys of investors suggest we should expect that rents will be rising at an accelerating pace – as a result of rapidly rising costs for insurance, council rates, debt and maintenance. Economist, Tony Alexander, notes that investors plan to raise their rents by an average of 5.6% in the coming year.
Landlords should be mindful that following a sustained period of enormous demand, the rental market is experiencing a dramatic shift, with listings surging by 40 per cent nationally in the three months to May. The trend is most pronounced in our largest cities – Auckland, Wellington and Christchurch – where the supply of new rental listings has grown by 40, 56, and 35 per cent, respectively.
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.
For more information, please get in touch with our property managers 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.
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.
