Auckland’s Quarterly Rental Update

Quarterly Rental Update: ‘Renters' market’ emerges in Auckland as supply increases, activity cools and prices plateau

Data from Auckland’s largest rental agency, Barfoot & Thompson, shows the region experienced a shift towards ‘renters' market’ conditions during the first half of 2025.

According to statistics from more than 17,500 Auckland properties managed by the company, the average rent in the city inched up to $693.46 at the end of June; and while up 1.99% on the same time in 2024, this was the lowest increase recorded in the past five years. 

Since January 2025, the average rent went up by only 0.53%, which was less than $4 in total over the six-month period.

General Manager of Property Management, Anil Anna, says that having more properties available to rent, alongside lower levels of renter activity, were the driving forces behind the slower pricing trend.

“Also, winter is a typically quieter seasonal period, and we are coming off a particularly strong pricing cycle in early to mid-2024, where the average weekly rent was up more than 5% year-on-year,” he adds.

Property managers across the agency’s Auckland branches were reporting increased supply from a number of fronts including more tenants choosing to move out of the city and, in some cases the country, a small surge in first home buyers moving from rentals to their own properties, fewer migrants coming into Auckland in search of a home, and significant numbers of new rental properties, particularly townhouses, coming on to the market.

“This higher than usual supply of rental properties ultimately means wider choice for prospective tenants and more competition with other listings for landlords,” says Anil. 

“At the same time, we are seeing more subdued interest from potential tenants overall, with enquiries down around 20% on last year’s peak.

Anil points to the likelihood that many people are ‘hunkering down’ over winter as well as biding their time in making any big financial commitments, such as moving, given the broader economic pressures being faced by many households. 

“Those looking are being drawn by the most competitively presented and well-priced homes and, in response, more and more landlords are prepared to meet the market to ensure their property is let quickly.”

He says that while the average time to let a home is around a week longer than usual, there is still plenty of activity in the market and evidence of renters moving quickly for the right property.

“Our property managers are hosting substantially more viewings to attract tenants at days and times that work best for them, and properties that are marketed well, offer a quality home and are priced to compete are generating good interest.”

His advice to landlords was to consult a local expert property manager for the insights most relevant to their area and to ensure their rental property was marketed, priced and presented as competitively as possible.

By property type, property managers across the region were reporting stronger interest in stand-alone homes, over multi-unit and terraced homes. “For example, in the Howick and Pakuranga areas, larger 4 and 5-bedroom homes able to accommodate larger or extended families, are becoming more sought after, while in South Auckland, 2 and 3-bedroom homes are consistently popular.”

By location, traditionally lowered priced areas further from the city centre continued to draw slightly higher increases. The central city’s apartment market registered slightly negative price growth following a period of intense activity in late 2023 and early 2024. “There is a market correction at play here after this area out-performed the region-wide average during the past year.”

Barfoot & Thompson’s Property Management division operates in company branches across Auckland and Northland, as well as parts of the Waikato and most recently, the Bay of Plenty. Together, the division manages 20,000+ rental properties and employs more than 300 property managers and support staff. 

In Auckland, it manages around 17,500 properties at any one time. Three-bedroom properties represent over a third of this portfolio, followed by two-bedroom properties at just over a quarter. Across Auckland, it manages the most properties in West Auckland (>2,500), followed closely by South Auckland, North Shore and the Eastern city fringe suburbs. The division’s data from Central Auckland is made up of almost entirely apartments.

Average weekly rent received across Auckland, June 2025

The table above is based on statistics drawn from a portfolio of approximately 17,500 Auckland-based rental properties managed by Barfoot & Thompson. This includes both existing and newly signed tenancies.

These figures are compared to the same time last year, to show a percentage change. These statistics are reviewed and released quarterly, however, monthly rental statistic reports are also available on the Barfoot & Thompson website under ‘Market Reports’.

Released on behalf of Barfoot & Thompson by Network Communication: Megan Green, 027 221 7126, megan.green@networkcommunication.co.nz

For further information contact Anil Anna, Barfoot & Thompson, 021 295 7330. Released on behalf of Barfoot & Thompson by Network Communication: Megan Green, 027 221 7126, megan.green@networkcommunication.co.nz 

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes.

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