Auckland’s rental crisis appears to be easing off, with statistics showing rents in some areas dropping compared to the year before.
The Department of Building and Housing’s statistics show that areas such as Kingsland, Parnell and Three Kings reported median rent decreases.
Earlier this year, it was reported that the hot rental market in Auckland city was pushing rents up and making it hard for tenants to find accommodation.
Kingsland’s median rent for a three-bedroom property dropped from $612 to $580 a week. Parnell’s dropped 8% cent to $735 and Three Kings’ dropped 5% to $475 a week.
Allen Realty reported a softening in South Auckland’s rental market, too. It said while there were low vacancy rates in the central suburbs, there was less demand out south.
Landlords were only able to introduce small rent increases, or sometimes none at all, when finding new tenants, especially for bigger properties.
Manurewa, for example, had 104 properties listed for rent in April. By September, that number had increased to 127.
But other suburbs are going strong. Balmoral two-bedroom properties have a median rent up 25% on the year before to $460 a week.
Otahuhu two-bedrooms are up 21% to $350 a week and Waterview three-bedroom properties are up 14% to $450. On the North Shore, the eastern bays are up 11% to $550 a week.