October's Monthly Rental Market Update

Mix of pressures weighed on October rental market activity

A mix of cost-of-living pressures, election hesitancy and growing end-of-year distractions could be behind a dip in rental market activity in October, says Barfoot & Thompson, the country’s largest private residential property management company.

The agency received 17.9% fewer enquiries about homes for let and 22.8% fewer applications in October compared to last month. Viewing activity was also down. 

In total, 632 properties were let in October, down 12.1% on last month and 6.4% on October 2025.

This follows a six-month high in September, when all measures of renter interest and action were up by around 20% or more when compared to both the previous month and year-on-year.

“The particularly buoyant spring lift we saw in September subsided across much of the rental market in October,” says Anil Anna, General Manager of Property Management.

“With the exception of some highly sought after and city fringe neighbourhoods, the bulk of the rental market remains well-stocked and extremely price sensitive. 

“We believe most renters are being cautious about their next move, and have clear limits on what they are willing or able to spend.“

Speaking with property management teams across more than 80 branches in Northland, Auckland, and the Bay of Plenty, Anil says: “The resounding feedback is the need for landlords to price and present their properties to stand out to potential tenants currently in the market.”

Anil says the impending general election may have also contributed to dampened activity during October, with some landlords and renters potentially taking a wait-and-see approach, while the usual end-of-year commitments were beginning to compete for people’s time and budgets, too.

“It’s possible some landlords have been holding off on decisions about their properties until after the election, while renters with flexibility around when they move, including potential first-home buyers, may have chosen to stay put a little longer.

“We often also see renter interest ease as we near the summer break, and this may have arrived earlier than usual this year, with households balancing other priorities ahead of the holidays.”

Auckland rents take first step over $700 weekly average

After three months hovering around $699 per week, the average weekly rent in Auckland has taken its first step over $700 in October, ending the month at $700.25.

The average is based on the real-time weekly rent paid across more than 20,500 rental properties in the region as of 31 October, including both new and existing tenancies. 

“The average Auckland rent has been relatively static throughout 2026, moving at less than 1.0% year-on-year,” says Anil.

“In some areas, such as Rodney, it’s often the type of homes available – such as an increase in larger or new build properties – that draws in higher rents and pushes the overall average up, rather than any notable shift in the market’s base pricing.”

Auckland’s popular Central West suburbs, including Freemans Bay, Grey Lynn and Mt Albert, saw the greatest increase in average rents, up 2.4% year-on-year to a weekly average of $756.26.

Prices in the company’s other regions of Northland and Bay of Plenty followed similar trends, being largely static, with pockets of high-demand suburbs drawing higher prices.

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 22,000+ rental properties and employing more than 300 property managers and support staff. 

In Auckland, it manages around 20,500 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.

In January 2026, the agency was recognised as the Best International Lettings/Rentals Agency at the 2025-26 International Property and Hotel Awards.

Rental Activity*

* 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 22,000 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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