The Auckland real estate agency said the average rent in force for a three-bedroom property on its books in Auckland in March was $464 a week.

“We have seen a steady, moderate increase in rental prices across Auckland, which is good news for the tenants,” said director 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 prices would start to rise as the demand for property in Auckland increased.

“We are already seeing larger numbers of people choosing to rent rather than join the property ladder.  The 2013 Census indicated that less than half the population now own their own home and that Auckland has the second-lowest rate of home ownership in the country.

“LVR restrictions brought in by the Reserve Bank in October, along with the anticipated rise in mortgage rates and the increasing demands on the Auckland property market, are some of the reasons we are seeing more people opting to take a long-term perspective when renting.”

The most expensive location in which to rent a three bedroom home is the eastern suburbs, where the average weekly rent is now $541.

The least expensive location is Franklin and rural Manukau, where the average rental cost is $365.

Properties with five or more bedrooms have experienced average rent increases of just 2% over the past 12 months. 

But in West Auckland those larger properties have had rental increases of 8%. In the eastern suburbs, they became 5% cheaper.