Residential rents increased by an average of $40 a week across the entire country in the 12 months to the end of September, with rents in Auckland up $60 a week. Bond data is a leading indicator of movements in market rents, because most bonds are collected for newly tenanted properties, providing a snapshot of where the market is sitting, and most landlords and property managers use market rents when reviewing rents for existing tenancies. (See the table below for the rent increase figures for all major urban centres). Within the Auckland region, rent increases ranged from $20 a week (3.2%) in the Rodney Ward on the city's northern boundary, to $83 a week (12.2%) in the Orakei Ward in central Auckland. (See the table below for the rent figures for all Auckland Council ward areas and the map showing the ward boundaries).

Source: New Zealand Herald November 03, 2023 04:07 UTC