Rents for three-bedroom homes in Auckland have increased only slightly over the last 12 months, according to figures released by real estate firm Barfoot & Thompson today.
The average rent for a three bedroom property in Auckland was now $464 a week - up four per cent from the same time last year.
The steady moderate increase in Auckland rental prices was a relief for tenants, says director of Barfoot & Thompson, Kiri Barfoot.
"It would be easy to make the assumption that higher property costs across Auckland would be passed on through the rental market, but this is not happening. Landlords have long recognised the value in retaining good long-term tenants," she said.
The most expensive place for renters who pay for a three bedroom home is the Eastern Suburbs, where the average weekly rent is now $541 while the cheapest is Franklin and rural Manukau, where the average rental cost is $365.
Barfoot & Thompson currently manages 4498 three bedroom homes on behalf of landlords.
Properties with five or more bedrooms have on average only increased by two per cent over the past 12 months.
However, in West Auckland rents for these properties have increased by eight per cent, whilst in the Eastern suburbs five-or-more-bedroom rentals actually fell five per cent in average weekly rent.
"We are already seeing larger numbers of people choosing to rent rather than join the property ladder," said Barfoot.
"While the past 12 months has been solid, the rental market is not immune to wider market trends. As demand for property in Auckland continues to increase and we wait for new consents to be completed and come into the market, the rental sector will experience even greater demand and it is inevitable prices will rise."