Market rent analysis

Updated: 19 March 2010

Market rents remain flat, with minor fluctuations between property types

In the year to February 2010, the average private market weekly rent for a three-bedroom house grew the most at an annual rate of 2.2 percent, to $330. Over the same period, the rent for a two-bedroom house increased by 1.5 percent to $277, a four-bedroom house increased by 0.5 percent to $430, a two-bedroom flat increased by 0.3 percent to $290 and a one-bedroom flat decreased by 5.7 percent to $214. Overall, rents aren’t changing significantly, as shown in Figure 19.

Figure 19: Mean weekly rents by dwelling type (to February 2010)

Source: Department of Building and Housing

Overall, as shown in Figure 20, the growth in rents remains flat. In the year to February 2010, mean rents for new tenancies increased by 1.3 percent nationally to $324, compared to a 0.9% growth in the year to February 2009. Over the same period, rents for new tenancies recorded a decrease of 1.2 percent in North Auckland to $412; an increase of 4.6 percent in South Auckland to $383 and a decrease of 0.5 percent in Central Auckland to $404.

Figure 20: Mean private weekly rents (to February 2010)

Source: Department of Building and Housing