New data from the agency on rents. Photo / Doug Sherring

Auckland rents have risen by almost 3% per year, having surpassed the average of $ 600 / week in April, with some areas becoming more expensive than others.

New data from Barfoot & Thompson, which manages more than 16,500 properties, showed a new average rent of $ 605 per week at the end of June.

The biggest rent increase last year was South Auckland, up 4.8% to an average of $ 554 / week.

West Auckland rents rose the second fastest at 4.2% per year to $ 560 / week, followed by Rodney at 4.1% per year to $ 607 / week.

Kiri Barfoot, director of the agency, said increases had mainly hovered around 2 and 3 percent per year in recent years, except when the government froze rents last year.

Rents were hardly moving, she said.

“The June figure represents a 0.3% increase over the May average, or about $ 2 more per week,” she said.

Each year, Auckland’s rents across all suburbs rose 2.9%, which was only about $ 17 more per week, Barfoot said.

Rental changes.  Source: Barfoot & Thompson
Rental changes. Source: Barfoot & Thompson

“However, what has changed over time are the drivers of change, which can alternate between types, sizes and locations of housing and depend on many factors.

“Over the past two quarters, rents in some of the more expensive areas, such as the eastern suburbs and now the North Rim, have become more static, while the low cost areas of South Auckland, West Auckland and Rodney are now increasing. more. quickly.

“For example, Rodney has experienced significant migration and development recently. Just two years ago he had relatively little movement, less than 2%, but now is well more than double that rate,” a- she declared.

Rents in the south and west have increased faster than other areas, but they remain the cheapest areas in the city behind rural Manukau / Franklin, she said.

The typical three-bedroom rental property remains the most popular and available option and has also seen slightly above-average weekly rent increases, at 3.6%, she said.

Last month, the Herald saw a relentless increase in rents across New Zealand.

Auckland is ahead of Wellington as New Zealand’s most expensive city for renters, but rents in the capital have risen more in real terms since 2000, according to this finding.

The trends can be seen in an interactive Herald chart, which uses official government data adjusted for inflation to track 21 years of rent increases in our most expensive cities.

At the start of 2000, Auckland’s average residential rent was $ 250 / week, according to figures from Tenancy Services, which is part of the Department of Business, Innovation and Employment. Adjusted for inflation, this comes down to $ 388 per week in 2021 dollars.

Auckland’s average residential rent today is $ 564 per week, which is a 45% increase in real terms.

The suburbs of Auckland and Wellington generally have higher rents than the rest of the country. Few of Christchurch’s suburbs, for example, have average rents above $ 500 per week, according to this story.

No suburbs in Queenstown currently have rents above $ 700 per week, although Kelvin Heights, Warren Park and Lake Hayes exceeded that level in 2019 before Covid hit.

Outside of Auckland and Wellington, Tauranga is the area with the fastest rising rental prices, but again, no suburb averages over $ 700 per week.

Renters United has launched a campaign for rent control, saying the government must step in to help the most vulnerable in society.

Every tenant has the right to live in safe and healthy housing, to pay affordable rent and to find housing without discrimination, says the organization.

More about this article: Read More
Source: www.nzherald.co.nz
This notice was published: 2021-07-22 02:17:05

LEAVE A REPLY

Please enter your comment!
Please enter your name here