Rents Bubbling Up

Median weekly rent for three bedroom Auckland houses surged NZ$55 to NZ$550 in February
March 12, 2012

By Gareth Vaughan

The weekly median rent for a three bedroom Auckland house jumped NZ$55 during February to reach NZ$550, the highest level since started tracking the data six years ago.

February is traditionally a busy month in the rental market as the summer holiday season ends and tertiary students return to their studies.

However, the February move this year easily outstrips anything seen in the month of February since started tracking the data in January 2006, with NZ$550 also the highest weekly median rent for an Auckland three bedroom flat recorded over those six years.

The data is the weekly median rent based on bonds registered and comes from the Tenancy Bond Service of the Department of Building and Housing. The Auckland median covers the old Auckland City Council area.

In February last year the weekly median rent for a three bedroom Auckland house actually fell NZ$3 from January to NZ$462. In February 2010 it was unchanged at NZ$450, it rose NZ$3 to NZ$450 in February 2009, rose NZ$5 to NZ$430 in February 2008, was up NZ$5 to NZ$400 in February 2007, and was flat at NZ$390, month-on-month, in February 2006.

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