Market rent analysis

Updated: 20 November 2009

Market rents remain flat, with some increases or decreases in different property types

In the year to October 2009, the average private market weekly rent for a two-bedroom flat grew the most at an annual rate of 2.5 percent, to $289. Over the same period, the rent for a three-bedroom house increased by 1.6 percent to $323, a one-bedroom flat increased by 0.9 percent to $229, a two-bedroom house decreased by 0.4 percent to $271, and a four-bedroom house decreased by 2.9 percent to $408. The trend for rents in 2009 is still flat, as shown in Figure 19.

Figure 19: Mean weekly rents by dwelling type (to September 2009)

Source: Department of Building and Housing

Overall, as shown in Figure 20, the growth in rents remains flat. In the year to October 2009, mean rents for new tenancies increased by 0.3 percent nationally compared with a 3.7 percent growth in the year to October 2008. However, over the same period, rents for new tenancies recorded an increase of 2.2 percent in North Auckland; an increase of 0.3 percent in South Auckland and a decrease of 0.3 percent in Central Auckland.

Figure 20: Mean private weekly rents (to September 2009)

Source: Department of Building and Housing