- Apartment market still has plenty of supply as shortage for three-bedroom stock intensifies
- Rents in Auckland reach record levels
Auckland rents are up again by 3.8% compared to a year ago and the median weekly rent has hit a record high of $550pw according to Trade Me’s latest market insights. This latest report also indicated that while enquiry levels were up for the Waitakere and Manukau regions, enquiry levels had dropped for Auckland City and North Shore which is in line with our insights below.
According to the Trade Me data that Pedersens collect and records on a monthly basis. When averaged over the last 12 months as shown in the graph below, Auckland’s available rental listings segmented into Trade Me’s Auckland regions, show that Auckland City even when you exclude apartments, has by far the largest number of rental listings across the entire Auckland region all year round.
When we look at identifiable trends over the last 12 months using the same data, the total number of available rental listings in the entire Auckland region has increased by a very small 1% when compared to 12 months ago, but the number of available listings for Auckland City and North Shore has increased by 14% and 11% respectively. Meaning that there is more supply now for rental properties in these areas than there was 12 months ago. That said, the number of available listings in the rest of Auckland (being Rodney, Waitakere, Manukau, Papakura and Franklin), is down 16% from this time last year. This data is more in line with the copious recent media reports stating the dire rental shortages Auckland is experiencing. This shortage seems to be more prevalent in the lower socio economic areas where the median rents are substantially lower, yet for the Central and North Shore Auckland it appears demand has not been keeping up with supply.
Regardless of how the supply and demand shifts, I believe we will continue to see rents rise right across Auckland in the coming year, especially when factoring in the additional costs owners are facing with the new proposed changes to renting and the RTA.
Tenancy Services Market Rent Statistics: 1 April 2018 - 30 September 2018
Tenancy Services has just released its Market Rent Statistics for the period 1 April 2018 to 30 September 2018. This data is a collection of all of the bonds received over the last 6 months and can be a good indication (along with other sources) of market rent for a specific area. In our experience a correlation should always be made between the lower, median and upper rental quartile rents shown versus the number of bonds received. For example the more bonds received the more reliable is the stated rental price point for the geographical location and property size/type.
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