Enquiries and lettings ease in August, but Auckland rents stay flat
Auckland's average weekly rent barely moved in August, finishing the month at $699 — an increase of just 0.9% on August last year and close to where it's sat for much of 2026.
That price stability came even as tenant activity slowed: Barfoot & Thompson's monthly rental report, covering Auckland, Northland, and Bay of Plenty, recorded 22,165 rental enquiries during the month, down 15.3% on July, with viewings and applications easing in step and a total of 588 properties let, 9.5% fewer than the month before.
Anil Anna, general manager property management at Barfoot & Thompson, said the slower pace reflected a market that was neither tightening nor loosening in any meaningful way.
"The market was ticking along in August, and not rushing in any particular direction thanks to steady prices and good stock levels," Anna said. "While activity is quieter, renters are still out and about, and well-presented properties at the right price are continuing to attract interest."
He added that the current conditions were giving tenants more room to weigh up their options.
"The current combination of stable rents, good availability, and slightly less competition than we saw in July, mean people thinking about moving have a bit more time to consider their options," Anna said.
Stock levels hold near July's mark
Available rental stock was almost identical to the month prior, with 779 properties on the market at the end of August compared with 777 in July.
Anna noted that while supply remains comfortable, it has eased from the levels seen a year ago.
"Stock levels are relatively high, but are down on much of last year, when the number of available rentals stayed well above 800 most months of the year," he said.
Rents by segment and region
Smaller Auckland properties continued to see slightly firmer annual growth than larger homes, with one- and two-bedroom rents up 1.2% and 1.1% respectively year-on-year, while five-plus bedroom homes rose just 0.6%.
By area, the North Shore and Rodney posted the strongest annual gains, at 1.9% and 1.7% respectively, while central city apartment rents slipped 0.3%.
Outside Auckland, Northland rents were flat month-on-month but up 1.7% annually to average $584.18 a week, while Bay of Plenty rents held near-flat at $660.26, up 3.8% on last year.
Lending backdrop shifting
That rental stability is playing out against a shifting lending environment. The Reserve Bank raised the official cash rate to 2.75% on 2 September — its second increase since resuming tightening in July, and up from 2.50% — as it works "to return inflation to 2%," with the Reserve Bank noting inflation rose to 4.1% in the June 2026 quarter on higher fuel costs. The next OCR review falls on 28 October.
Deposit requirements, meanwhile, are staying put. The Reserve Bank's Financial Policy Committee confirmed on 14 August that it would maintain current LVR settings following its annual macroprudential review, with assistant governor financial stability Angus McGregor noting that "housing risks are currently contained" and that "mortgage lending growth has been modest." For prospective landlords, deposit thresholds — up to 10% of new investor lending permitted above 70% LVR — remain unchanged heading into spring.
For mortgage advisers, that mix of flat rents, unchanged deposit settings, and a rising-rate environment gives clients a fuller picture when weighing an investment property purchase against current holding and borrowing costs.
Stay informed with the latest housing market trends and mortgage insights — subscribe to our free daily newsletter.
