June 2011 Rental Market Update
Average Weekly Rent Eases in June But Third Highest On Record
The average weekly rent for Auckland property in June eased to $420, down $7 from May’s $427. It was based on 707 new rental agreements (704 in May).
"Average weekly rents are extremely volatile in a market where demand far exceeds supply," said Peter Thompson, Managing Director of Barfoot & Thompson.
"In the past six months average weekly rents have ranged from a high of $434 to a low of $402, and we have never before experienced this level of movement in any six month period.
"The low level of building activity in the past three years combined with the growing population of Auckland is creating pressures on the existing stock of rental properties.
"The average weekly rent for this June is the third highest on record, and was $17 higher than last year and $32 higher than two years ago."