Slow, steady rent rises predicted for 2012

"There's certainly room for rents to rise, especially in areas like Auckland and a lot of parts around the country," said New Zealand Property Investors Federation (NZPIF) president Andrew King.

"A lot of the costs have gone up higher than the general rate of inflation and rents have barely kept up with inflation to be honest."

King said any earlier rent rises would have been to counter the changes to depreciation, and that landlords' need to play catch up with regard to rising maintenance, insurance and other housing related costs.

"All the other costs have gone up, there's definitely room for rents to rise," he said.