Raine & Horne Kumeu - Hobsonville Blog

Changing sands in the Northwest rental market. 

Firstly, the number of rental listings on market is the highest it's been since 2018.

Rental stock has risen by 40% in Auckland in the last 3 months (REINZ data). This will have the effect of reducing rents.  Better Tenants will be looking for good value (ie garaging, outside space, multiple bathrooms, good streets) and are willing to pay a fair rental, however townhouse stock without these aspects will have to reduce their rents to find tenants.

It is a time that good Property Managers do their best work by attracting better tenants and gaining fair rents.

Many new builds coming up for completion, with a portion being for rent and for sale.  A flood of new rentals increases the rental pool, and in turn reduces the rental prices, it's all supply and demand. 

The median rent in New Zealand is $600 (September 2024). That's up $20 a week (3.45%) since the same time last year. In Auckland it remains steady at $650 a week.

TradeMe data, shows there were 6,120,000 rental listing searches in November 2024. That's down 4% compared to November 2023.

On top of that, there were a total of 12,961 new rental listings that came onto TradeMe. That's up 21% on the same time last year.

So rental demand is down, and supply is up.

The average rental property listing is 22 days on TradeMe to November 2024, while the average in 2023 was 17 days. Indicating a softening of around 30%. 

If you have an investment property and are seeking a smart and sensible property management solution which is customised to your situation and requirements, we will welcome the opportunity to chat. We offer a more sensible management fee and accountable asset protection schedule which will make you feel right at home.

Call Graham Mcintyre on 0276320421 or visit www.wapm.co.nz for more information. West Auckland Property Management.