Property Management Comment: June/July2023

The Rental market continues to be strong, driven by low levels of supply compared to demand leading to an increase in rents year on year.

We are continuing to get good numbers at our viewings with both apartments and residential houses often renting at the first viewings for higher than usual rents for this time of the year.

Recent reports show that the average rent in Auckland rose $60 per week to $660 in May, claiming the title of the region with the highest median weekly rental price.

Supply of rental properties in the Auckland region saw a 35 per cent drop from last year, while demand was up 55 per cent year-on-year.

The reason for this trend is high immigration numbers which are currently sitting at preCovid levels and the impact from the Auckland floods which put pressure on the supply of rental properties.

Auckland’s urban properties - apartments, townhouses and units - all hit record median weekly rental prices in May. Apartments are sitting at $570 per week, units are $530, and townhouses are $700.

The reason for this is due to an increase in rents across the board making people require cheaper rental options.

Auckland’s urban propertiesapartments, townhouses and units - all hit record median weekly rental prices in May. Apartments are sitting at $570 per week, units are $530, and townhouses are $700.

Delanie Horrobin.