Rents creeping up: Barfoot

The agency said the average rent for a three-bedroom Auckland property in September was $455 a week, up from $446 in May.

“The rise of only 2% in the six months will come as a surprise to many,” said  director Kiri Barfoot.

“The prevailing belief is that property investors are simply passing on higher property costs to tenants, but this is not showing up in the figures. Rents are increasing, but the rate of increase is lagging well behind house price rises.

“It suggests landlords are placing great store in retaining quality tenants taking a long-term view of the return they can achieve on their investment.”