By ANNE GIBSON
The most expensive unit in the upmarket Latitude 37 apartments in the Viaduct Basin is available for $1300 a week.
But the developer is not expecting a rush, even though hundreds of sailing syndicate crew members will descend on Auckland this month.
Bruce Holdsworth, principal of the Holdsworth Group, which developed the award-winning apartment block of 95 units, said the arrival of America's Cup crews from overseas this month would not necessarily be a bonanza for landlords in the harbour precinct.
"Although rentals are steady, they are not growing that much," Mr Holdsworth said.
John Crocker, of Bayleys Property Management, said yesterday that rents in the inner city were up 10 per cent so far this year and demand was running so hot that tenants were being wait-listed for expensive houses and units.
The arrival this month of 10 challenger syndicates, each with between 60 and 80 people, is expected to put more pressure on demand for units and houses.
Many are bringing their families and will be looking for larger more exclusive homes in the Ponsonby-Herne Bay-St Marys Bay areas in particular.
But Mr Holdsworth said that although some people associated with the America's Cup had booked into Latitude 37, generally he was not interested in the business because of the need to reduce rentals for bulk bookings.
"People want 20 apartments and they want a good deal," he said.
"But why would I do that when I can rent the 20 out now to the local market?"
The top price of $1300 a week for an apartment in Latitude 37 is for a fully furnished, fully serviced unit on the upper level with three bedrooms and two bathrooms.
Apartments were also for sale in Latitude 37 for between $229,000 and $805,000, Mr Holdsworth said, and for rent starting at $330 a week.
About half the apartments are owner-occupied and the rest are rented out by investors. The complex is 90 per cent occupied.
Feature: America's Cup
Developer cool on cup bonanza
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