Super City rents up, supply down

Barfoot & Thompson’s rental data for the July to September 2017 quarter shows the average weekly rent for an Auckland property rose by 4.7% to $542 from $520 in the same period last year.

The agency’s director, Kiri Barfoot says that increasing costs for landlords and the increased risk of owning a rental property in 2017 are both major contributions to rent increases.

But she says she wouldn’t expect Auckland rents to flatten out as house prices in Auckland have.

“Just as Auckland rents didn’t increase at double-digit rates along with house prices last year, or the year before.”