Big jump in Auckland rents in June quarter

The sharp increase in rent in the second quarter (April to June), which took the median rent for newly tenanted properties in the Auckland Region to $630 a week, came after an extended period in which rents in the region had remained relatively flat. Between the fourth quarter (Q4) 2021 and Q1 2023, the median rent in Auckland bounced around between $590 and $600 a week, followed by the sudden jump to $630 a week in the second quarter of the year. The big increase in Auckland rents in the second quarter was particularly significant because the national increase was just $5 a week. (See the table below for the quarterly and annual median rent movements in all major urban districts). A sudden jump in population will inevitably have an effect on demand for housing which will feed through to rents.