Tenants rule as rental scarcity becomes thing of the past

Investors have clambered into housing in such numbers since the boom began in 2001 that the city's rental shortage of the past decade has been reversed.

Barfoot & Thompson, which manages a large portfolio of houses and flats for landlords, has noticed Auckland rents dropping consistently this year. In its monthly update on June 8, the realtor said this month the market "appears to be cooling".

The average weekly rent dropped from $342 in April to $336 last month but was slightly ahead of last year's average $333.

Barfoot general manager Wendy Alexander said the total number of houses and units let last month was 592, down from 634 last month, which was consistent with the overall trend for the year to date.

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