Auckland, New Zealand Strong upward movement in residential rental prices persisted in the 昀椀nal quarter of 2023 Property Trends Good to Know Popular Locations Sirva Tips Increased demand for rental properties from locals New coalition government will restore mortgage Central Business District (CBD) Have application documents ready. Local 昀椀eld consultants share these documents when they and international students drove rental prices up interest deductibility for rental properties between Mount Eden reach out to landlords. The sooner assignees have by 4.4%. 2023 and 2026, which may result in more homeowners these documents, the quicker the process and the Supply of available rental homes dipped due to putting their properties on the rental market. Epsom more likely they are to secure their choice property. strong demand. Upfront payment of 4 weeks’ rent (or otherwise Remuera Keep an open mind and be ready to compromise. Tenants not moving out as often have further negotiated with landlord) is required to secure the property. Tenants should do a thorough check of the contributed to the limited supply. In some cases, a holding deposit of no more than apartment and report any issues to the property Auckland CBD apartments have recorded the manager as soon as possible. 1 week’s rent is required to reserve the property but highest increase in weekly rents, on an average of this should be refunded or put towards the rent once 9.9% year-on-year. the leasing agreement is signed. Strongest growth in 1-bedroom properties in Typical length of tenancy is from 6 months to 3 years. Central Auckland have reported an average weekly rent of NZ$565, surpassing the pre-pandemic peak of NZ$521. Rents in Auckland will continue to rise in 2024 as demand is being boosted by surging migration.