Auckland’s average weekly rent tips over $650

The agency, which manages more than 17,000 rental properties in Auckland alone, says the average weekly rent paid across all its tenancies was $652.19 last month, up 4.44% or $27.74 a week over the same time last year.

The most notable moves in pricing were in new tenancies, rather than existing.

This follows two years of relatively steady change, ranging between 2.97-3.37% year-on-year, and marks the first time in five years a percentage increase above 4% percent has been recorded.

Barfoot & Thompson property management general manager Samantha Arnold says there were several factors behind the lift.