February's Monthly Rental Market Update
Rental demand rises for third consecutive month
The rental market is getting busier, but not more expensive, says Barfoot & Thompson.
The agency’s latest insights from Auckland, Northland and Bay of Plenty show renter activity continued to build during February, marking the third consecutive month of rising demand since a surge in December 2025.
Barfoot & Thompson fielded 32,749 enquiries from renters during February, up 6.2% on January (30,850), and up 35.5% on the same month last year (24,169).
Applications for properties also increased to 4,349, up 6.7% on January, and 27.8% year-on-year.
Despite the continued lift in activity, rents remained largely flat.
In Auckland, the average rent in February was $696.92, less than a dollar from the three-month average and just 0.7% higher than a year ago ($692.38). Average rents across Northland and Bay of Plenty moved under 0.2% between January and February.
“This dynamic, between rising demand and flat rents, points to the continuation of a price-sensitive renters’ market,” says Anil Anna, General Manager Property Management at Barfoot & Thompson.
“Competition remains strongest among landlords to attract or retain quality tenants.
“With renters becoming more price-conscious, the first few weeks of a listing are critical. Landlords who aren’t pragmatic about their pricing risk having their properties languish on the market, while more competitive options are rented almost immediately.”
Barfoot & Thompson says some of February’s activity appears to have been driven by renters seeking a better deal.
“It is not uncommon for our property managers to meet people at viewings who are getting back in the market after a rent increase at their current home, actively looking for a better-priced property.
“Some of our Northland branches are also seeing more enquiries from people moving out of Auckland, potentially in search of lower housing costs or lifestyle changes.”
Anil says the lift in activity is beginning to absorb higher stock levels in some areas, though conditions still varied across the region.
“For example, stock is tighter in areas like the North Shore and City Centre, where demand is strong, including from students returning to the rental market. Meanwhile, other areas of Auckland, including the Eastern Suburbs, continue to have ample supply, particularly of new builds following periods of heavy development.”
Barfoot & Thompson’s Property Management division operates in company branches across Auckland, Northland and Bay of Plenty. It is New Zealand’s largest private residential property management company, managing 20,000+ rental properties and employing 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.
Rental Activity*
| February 2026 | January 2026 | Previous 3-month average | February 2025 |
| Average weekly rent – Auckland $696.92 |
$695.80 -- |
$696.11 -- |
$692.38 +0.7% |
| Properties rented – All 660 |
667 -1.1% |
629 +4.9% |
637 +3.6% |
| Month end properties available – All 728 |
758 -4.0% |
781 -6.8% |
784 -7.1% |
| Enquiries – All 32,749 |
30,850 +6.2% |
25,646 +27.7% |
24,169 +35.5% |
| Viewings – All 4,505 |
5,197 -13.3% |
4,897 -8.0% |
4,415 +2.0% |
| Shown through – All 10,584 |
10,209 +3.7% |
8,451 +25.2% |
8,766 +20.7% |
| Applications – All 4,349 |
4,075 +6.7% |
3,299 +31.8% |
3,404 +27.8% |
* Glossary of terms: Average weekly rent is specific to properties in the Auckland region. All other figures are from Barfoot & Thompson's total portfolio. Properties rented includes any property let during the month including new properties and new tenancies at already managed properties. Month end properties available is the number of properties listed for rent at the end of the calendar month. Enquiries is the total number of enquiries via the Barfoot & Thompson website, third-party sites, phone calls and emails. Viewings is the total number of open and by appointment viewings hosted at listed properties during the month. Shown through is the number of individuals or groups registered to attend any viewing. Applications are complete applications received to rent a listed property.
Released on behalf of Barfoot & Thompson by Network Communication: Megan Green, 027 221 7126, megan.green@networkcommunication.co.nz
Barfoot & Thompson is New Zealand's largest private residential property management company, managing more than 21,000 properties.
For more information contact a property manager or to find out how much rent you can achieve, ask for a rental appraisal.
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