REAL ESTATE

Auckland rents continue upward trend

Wednesday 15 June 2011, 1:51PM
By Barfoot & Thompson
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AUCKLAND CITY

The average weekly rent for Auckland houses and units jumped $8 to $427 in May.

“Rents eased in April from their all time high in March, but there was strong demand for rental property in May, and the rents achieved across 704 new tenancies rose,” said Peter Thompson Managing Director of Barfoot & Thompson.

“May’s average rent is $28 higher than the average charged 12 months ago and $48 higher than two years ago.

“The ever growing population of Auckland, the low level of new dwellings being built and the modest turnover in sales of existing homes are all combining to create a demand for rental property.”