Rents Sure To Rise – “Herald”

Renting in Auckland: Landlords put squeeze on tenants
Expect average increases of more than $20 a week as housing shortage is exploited.
Anne Gibson NZ Herald 12.1.15

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Fifteen people checked this $725-a-week Epsom property during a 10-minute “open home” last week. Photo / Nick Reed
Fifteen people checked this $725-a-week Epsom property during a 10-minute “open home” last week. Photo / Nick Reed
Thousands of Auckland tenants could be in for a big shock as experts predict rents will continue to rise rapidly this year.

Kiri Barfoot, a Barfoot & Thompson director, and David Whitburn, immediate past president of the Auckland Property Investors Association, said Auckland rents rose 4.6 per cent in the year to November 30 – up an average $21 a week across all suburbs and all property categories – and a similar increase could be expected this year as rising demand continues to squeeze an already tight sector.

Barfoot’s figures show the average weekly rent rose $19 to $476 for a three-bedroom house, $17 to $499 for a four-bedroom home and $40 to $749 for five or more bedrooms.

Conditions that led to last year’s rises – including landlords being optimistic about getting more rent and high levels of domestic and international migration – would continue this year, they said.

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