Collectively Landlords can not be lambasted for raising rents in 2015 when the median weekly increase was only 4.2 percent. This increase saw the median weekly rent in Auckland rise by $5 to $500 according to Trade Me’s Rent Price Index for January 2016 and it’s been hovering around the $500 mark for months.
Landlords typically raise rents once a year and January is typically the month they like to do it. Clearly this is the least happy time for tenants.
However tenants in Wellington must be happy with median rent going up by just 2.2 percent in the past 12 months to January 2016. Other areas around the country have seen increases in double figures including: Manawatu, Otago, Bay of Plenty and Gisborne. Only Canterbury’s weekly median rent went backwards dropping $75 a week from $495 a week in January 2015 to $420 a week in January 2016.
Auckland Property Managers are duly tasked with ensuring their landlords’ rental properties are in good working order, rent collected and optimum rental returns achieved. Rent increase percentages fair favourably in Auckland compared to sales price increases. The year to January 2016 saw Auckland’s median sales prices rise by 15.4 percent while median rents rose by just 4.2 percent. By contrast, many other areas around New Zealand had much closer percentage increases including Manawatu, Gisborne and Bay of Plenty.
“Bay of Plenty’s property sales prices increased by 12.2 percent while their median weekly rent increased by 16.2 percent.”
This blog article was written for PropertyBlogs by Mobilize Mail.