As your trusted rental property manager, we would like to provide you with a crucial update on the Auckland rental market. The recent quarterly insights demonstrate exciting opportunities that could benefit your investment strategy.
The average weekly rent for a home in the Auckland region increased by 3.37% to $642.28 at the end of June, in line with the rental increases we’ve seen in recent years. This growth is attributable to the city’s consistent market performance following the pandemic-related disruptions in early 2020. As rental increases are restricted to once a year for existing tenancies, we anticipate a continued upward trend.
Two distinct areas of Auckland have driven this quarter’s increase:
- A 6.59% rise in the Franklin/Rural Manukau region’s average weekly rent
- A 5.86% rise in the City Centre
The Franklin and rural Manukau areas, encompassing suburbs along the Southern Motorway, are adjusting to meet the growing demand. With large-scale residential and commercial developments, these fast-growing regions offer rental opportunities in more affordable suburbs.
The City Centre apartment market has regained its strength in recent quarters as workers, students, and tourists have returned to the area. The average weekly rent for City Centre apartments has risen to $542.16, surpassing the pre-pandemic average of $520.64 in late 2019. The limited supply of rental properties in this area presents a unique opportunity for investors to capitalize on the growing demand.
As your property manager, my suggestion would be to consider these trends when planning your investment strategy. Exploring opportunities within the flourishing Franklin/Rural Manukau area or the thriving City Centre market could provide promising returns in the upcoming months and beyond.
Please feel free to reach out to me for further insights or guidance on the matter. Thank you for choosing our team to help manage your property investments. We are committed to ensuring your success in the Auckland rental market.
Source from Barfoot & Thompson
The opinions and research contained in this article are provided for information purposes only, are intended to be general in nature, and do not take into account your financial situation or goals.
