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15-06-2012

Auckland rent rises outstrip rest of country

Landlords.co.nz

Most Auckland landlords are increasing the rents they charge much more quickly than the rest of New Zealand, according to the latest Crockers Auckland rental price table.

By Benn Bathgate

Nationwide, median rents rose across all property sizes in May, with two-bedroom properties having the biggest jump, up 9% from May 2011 to $315 per week. 

One-bedroom properties were the next biggest rise, up 4% to $240, followed by three-bedroom properties, up 3% to $360, and four-bedroom properties, up 2% to $450.

However, in many Auckland suburbs the rent rises far outstripped the national increases.

The biggest year-on-year rise was for a one-bedroom property in the inner-city bays, which had a median rent increase of 31%, from $273 to $357.

The largest fall in the one-bedroom market was in Waterview, down 17% from $275 to $277.

The one-bedroom market was also the most volatile for rents, with nine locations experiencing falls against 18 with rent rises.

In the two-bedroom market Remuera and Birkenhead recorded the largest rentrises, both up 19% respectively from $450 to $535 and $360 to $430.

Only two locations in the two-bedroom market saw rents fall, down 1% in both Pt Chevalier/Mt Albert and East Coast Bays from $365 to $360 and $382 to $380.

Devonport saw the biggest year-on-year rise in median rents for three-bedroomproperties, up 25% from $552 to $690, while Mt Roskill saw the biggest fall, down 4% from $420 to $405.

Of the 30 locations included in the three-bedroom table, 22 saw rents rise, four saw falls and two remained at May 2011 levels.

Remuera was also the biggest riser in the four-bedroom market, up 25% from $800 to $1,000, while Mt Eden took the biggest fall, down 13% from $725 to $630.

Of the 25 locations included in the four-bedroom table, 19 saw rents rise, four saw falls and two remained at the same levels as a year earlier.

Source: Landlords.co.nz

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