MARKET SHOWS SIGNS OF PRESSURE

The Auckland rental market is showing signs of pressure according to Barfoot & Thompson. Vacancy rates remain extremely low, the average rent for new tenancies increased at a faster rate than the overall average, and Barfoot & Thompson saw record online registrations to view properties. Its data showed that for every rental property that became available on average there were 44 prospective tenants. Barfoot & Thompson received 107,268 enquiries between January and March this year. The vacancy rate for properties in its portfolio of more than 14,000 rental properties remained at 1-2 per cent, which equated to properties being empty for 5 days between tenants.