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Auckland rents ready to hit $500?

11th December 2015 By //  by Andrew Ross

Auckland rents are ready to set a new record

Median rents in Auckland are set to reach a new high and break

through the $500/week barrier, possibly as soon as the start of 2016. As at October the median average was $495/week. Although this reflects all property types from 1 bedroom upwards it means that average rents have increased over 8% this year already. As we go into the New Year many landlords will be re evaluating their position as many new properties will come on the market. Over the past 5 years Auckland rents have increased by around 27% or $105/week.

This puts the average 2 bedroom at $400/week, the average 3-4 bedroom at $550 and 5+ bedrooms at $780/week. Largest rises were posted in Waitakere and Auckland City.

What does this mean for those renting? It is still much cheaper for the Auckland renters with median rents at $25,740 rather than highly geared owners paying annual mortgage costs of $38,000 +.

 

Filed Under: news

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