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 +.
