Barfoot & Thompson sees renters pull back in election run-up
Auckland’s average weekly rent moved above $700 in October, even as tenant activity slowed after a busy September, according to Barfoot & Thompson.
The agency’s average Auckland rent reached $700.25 at the end of the month. That’s up from $699.40 in September and 1% higher than a year earlier. It had stayed at around $699 for the previous three months. The figure covers more than 20,500 properties, including both new and existing tenancies.
General manager of property management Anil Anna (pictured) said that in some areas, such as Rodney, a greater supply of larger or new-build homes can push the average up, rather than any shift in underlying prices.
“The average Auckland rent has been relatively static throughout 2026, moving at less than 1.0% year-on-year,” he said.
Auckland’s Central West suburbs, including Freemans Bay, Grey Lynn, and Mt Albert, recorded the largest rise, with average rents up 2.4% on last year to $756.26. Rents in Northland and the Bay of Plenty were largely flat, with only high-demand pockets commanding more.
Renters step back
Renter activity fell sharply after a six-month high in September. Across the agency’s portfolio, enquiries dropped 17.9% month on month, applications fell 22.8% and viewings were down 25.7%.
The agency let 632 properties in October. That was 12.1% fewer than in September and 6.4% fewer than a year earlier.
Barfoot pointed to cost-of-living pressures, uncertainty ahead of the general election and the approach of the holiday season.
Anna said some landlords may have delayed decisions until after the vote, while renters with flexibility, including potential first-home buyers, “may have chosen to stay put a little longer.”
Landlords urged to compete
Outside a few sought-after and city-fringe suburbs, Anna said most of the market has plenty of stock and tenants are watching costs closely.
Even so, there were 758 properties available at the end of October, slightly more than a month earlier but 11.3% fewer than a year ago.
Separate realestate.co.nz data points to tighter supply in Auckland, where rental stock was down 13% on a year earlier.
Barfoot’s call for competitive pricing comes as more investors signal plans to lift rents. A net 54% of investors surveyed by The Property Consortium and economist Tony Alexander in October said they intend to raise rents over the next 12 months.
“The resounding feedback is the need for landlords to price and present their properties to stand out to potential tenants currently in the market,” Anna said.
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