Auckland residential rents are rising according to data from one of the city's biggest managers which says landlords are facing increasing costs.
Kiri Barfoot, a director of agency and management business Barfoot & Thompson which manages more than 14,500 Auckland rental properties, said rents rose just under 5 per cent throughout the city lately but 6.2 per cent in the central suburbs.
"We are just coming out of winter, which is a maintenance-heavy period for rental properties - add to that uncertainty around rates increases, increased insurance costs due to the Fire Service levy and the incoming Earthquake Commission levy, compliance costs for smoke alarms and insulation, and you can understand the context of rent increases," she said.
"Many owners will be relieved at recent forecasts indicating that interest rates are likely to remain flat in the near future."
Third quarter figures from July to September showed the average Auckland weekly rent up 4.7 per cent to $542, from $520 during the same period in 2016. Central suburbs rents rose 6.2 per cent to an average $584/week. North Shore rents rose 4.12 per cent to an average $592/week while South Auckland rents rose 4.93 per cent to an average $480/week. The average accounts for places of between one bedroom and five-plus bedrooms.
Rents for one-bedroom places rose fastest, up 6.02 per cent from $339/week lately, data showed.
