Auckland – globally expensive rents and not enough places to live

It is only behind Sydney and Tokyo. 

The latest report by global real estate agency Knight Frank shows Auckland rents spiralled up by 13.1% over the 12 months to the end of the September. That is a 5.9% increase from the second to third quarter.

Property Investors Federation vice-president Peter Lewis says he would be surprised if rents had risen that much over that period. He says it may be possible for newly signed rental agreements, but would be astonished if it was for existing rentals.

“While many landlords have put up rents to existing tenants because costs have gone up in terms of insurance, rates and interest payments, I don’t think they would have risen that much.”