The rental market marked time in August as activity slowed and the broader conditions remained steady, with no change in prices or stock levels.
Data from Barfoot & Thompson’s portfolio of rental homes across Auckland, Northland and Bay of Plenty shows there were 22,165 enquiries about properties for let during August, down 15.3% from July.
Attendance at property viewings and applications also eased in line with the drop in enquiries. Overall, a total of 588 properties were let, 9.5% fewer than in July.
“The market was ticking along in August, and not rushing in any particular direction thanks to steady prices and good stock levels,” says Anil Anna, General Manager Property Management at Barfoot & Thompson.
“While activity is quieter, renters are still out and about, and well-presented properties at the right price are continuing to attract interest.”
Stock levels were virtually unchanged in August, with 779 homes available for rent at the end of the month, compared with 777 in July.
“Stock levels are relatively high, but are down on much of last year, when the number of available rentals stayed well above 800 most months of the year,” says Anil.
The average weekly rent in Auckland was flat too, hovering just under the $700 mark, where it’s been for much of the year, finishing August at $699.00, up just 0.9% on last year.
“The current combination of stable rents, good availability and slightly less competition than we saw in July, mean people thinking about moving have a bit more time to consider their options.”
In Auckland, weekly rents for one and two-bedroom properties were showing slightly stronger annual rent increases than other sized-homes, up 1.2% and 1.1% respectively, while large homes with five or more bedrooms saw the least change at 0.6% year-on-year.
By area in Auckland, rents rose the most for homes on the North Shore and in Rodney, up 1.9% and 1.7% respectively, but were down 0.3% in the central city apartment market.
Things were similar around Northland, with no movement in rents month-on-month, and a 1.7% increase year-on-year, settling at an average of $584.18 per week. In Bay of Plenty, where the company operates branches in Cherrywood, Mount Maunganui, Ōmokoroa and Waihi, the average weekly rent was $660.26 in August, moving less than a dollar compared to July, but up 3.8% on last year.