Auckland Renters to Pay At Least $400 a Week
October 10, 2015 at 5:56 PM
Median asking rents in Auckland have rocketed up by more than 8 per cent over the last 12 months, alongside a reported increase in residential rental applications.
According to Trade Me Property's monthly report on median rents, Auckland renters can expect to pay a minimum of $400 a week for the smallest unit or one-bedroom home. Trade Me Property head Nigel Jeffries says tenants can expect to pay $499 per week for a typical sized property. The rise is the second highest annual increase in the past five years.
"Over the past five years, weekly Auckland rents have risen by 28%, adding $5500 a year to the costs of renting a typical property across the city," Mr Jeffries says
In contrast, median asking rents in Christchurch are dropping, down almost 5% on a year ago while across the rest of the country, median asking rent remained relatively stable.
At the same time, some Auckland property managers have noted a surge in applications for residential rental properties in the city, which they say may signal an early start to the summer rental season.
Feedback from property managers is indicating many tenants are thinking ahead to next winter and will be seeking warm, dry homes with insulation and efficient heating. Landlords can benefit from upgrading their properties in this way, by attracting longer, more reliable tenancies and reduced house maintenance.
At Wendell Property, residential property management is our sole focus so we know the market inside-out and will respond quickly and thoroughly. Let one of our dedicated Auckland property managers take care of the details and relax, knowing you've got a team of industry professionals supporting you.