Rents for three-bedroom homes in Auckland have increased only slightly over the last 12 months, according to figures released by real estate firm Barfoot & Thompson today.

The average rent for a three bedroom property in Auckland was now $464 a week – up four per cent from the same time last year.

The steady moderate increase in Auckland rental prices was a relief for tenants, says director of Barfoot & Thompson, Kiri Barfoot.

“It would be easy to make the assumption that higher property costs across Auckland would be passed on through the rental market, but this is not happening. Landlords have long recognised the value in retaining good long-term tenants,” she said.

The most expensive place for renters who pay for a three bedroom home is the Eastern Suburbs, where the average weekly rent is now $541 while the cheapest is Franklin and rural Manukau, where the average rental cost is $365.

read more … NZ Herald News.