July's Monthly Rental Market Update
Rents steady despite mid-winter flurry of renter interest
A flurry of renter interest in July bucked the subdued market trend of early 2025, but had no immediate impact on Auckland’s average rent, according to new monthly data from leading property management company Barfoot & Thompson.
“During July, our teams rented a total of 676 properties. This was a 17 percent increase on the 575 properties rented in June, and the second busiest month in the past 12 months,” says Anil Anna, General Manager Property Management for Barfoot & Thompson, which manages more than 20,000 homes across Auckland, Northland and Bay of Plenty.
Anil says the result was driven by a noticeable increase in renter interest and activity, and supported by the high number of listings available, which sat at 803 at the end of July.
“Barfoot & Thompson rental listings attracted 26,758 enquiries across all platforms in July, up more than 33 percent on June. This led to more than 3,000 applications, up 19 percent on June and 3 percent on July 2024. We suspect the recent renters’ market conditions, with an extended period of flatter pricing and increased choice, have led more people to reconsider their options and start to explore what’s on the market.
“Our decision to host more property viewings has also been well received by interested renters; this month we held over 1,000 additional property viewings and hosted nearly 1,500 more groups at those viewings than in July 2024.”
Despite the rebounding activity, rents have remained steady overall. “This is consistent with the market’s longer-term trend of stabilising prices and reflects the continued competition between the high number of listings available.”
In Auckland, where Barfoot & Thompson manages more than 17,500 homes, the average weekly rent shifted by around $1 between June and July, to $694.59.
“This is an increase of less than 2 percent from July 2024’s average of $682.09, so still relatively flat compared to the 3 percent to 5 percent increases seen in recent years.
“Competitive pricing and housing quality are key for renters and they are taking their time to find the right property. Landlords are also recognising the importance of meeting these market expectations to ensure their property is let swiftly.”
By property type in Auckland, 3-bedroom homes were drawing the greatest price movement, with the average up 2.3 percent year-on-year. By location, properties on the North Shore and Franklin were demanding rents on average 2.5 percent higher than July last year. The Central City apartment market was down 1 percent reflecting a corrective cycle following strong growth during late 2023 and early 2024.
Barfoot & Thompson’s Property Management division operates in company branches across Auckland, Northland and Bay of Plenty. It is New Zealand’s largest private residential property management company, managing 20,000+ rental properties and employing more than 300 property managers and support staff.
In Auckland, it manages around 17,500 properties at any one time. Three-bedroom properties represent over a third of this portfolio, followed by two-bedroom properties at just over a quarter. Across Auckland, it manages the most properties in West Auckland (>2,500), followed closely by South Auckland, North Shore and the Eastern city fringe suburbs. The division’s data from Central Auckland is made up of almost entirely apartments.
Rental Activity*
| July 2025 | June 2025 | Previous 3-month average | July 2024 |
| Average weekly rent – Auckland $694.59 |
$693.46 +0.2% |
$692.86 +0.2 percent |
$682.09 +1.8% |
| Properties rented – All 676 |
575 +17.6 % |
576 +17.4% |
656 +3.0% |
| Month end properties available – All 803 |
844 -4.6% |
843 -4.7% |
790 +1.6% |
| Enquiries – All 26,758 |
20,082 +33.2% |
20,039 +33.5% |
22,057 +21.3% |
| Viewings – All 5,600 |
4,798 +16.7% |
4,508 +24.2% |
4,490 +24.7% |
| Shown through – All 8,987 |
6,874 +30.7% |
7,266 +23.7% |
7,510 +19.7% |
| Applications – All 3,080 |
2,584 +19.2% |
2,755 +11.8% |
2,985 +3.2% |
* Glossary of terms: Average weekly rent is specific to properties in the Auckland region. All other figures are from Barfoot & Thompson's total portfolio. Properties rented includes any property let during the month including new properties and new tenancies at already managed properties. Month end properties available is the number of properties listed for rent at the end of the calendar month. Enquiries is the total number of enquiries via the Barfoot & Thompson website, third-party sites, phone calls and emails. Viewings is the total number of open and by appointment viewings hosted at listed properties during the month. Shown through is the number of individuals or groups registered to attend any viewing. Applications are complete applications received to rent a listed property.
Released on behalf of Barfoot & Thompson by Network Communication: Megan Green, 027 221 7126, megan.green@networkcommunication.co.nz
Barfoot & Thompson is New Zealand's largest private residential property management company, managing more than 21,000 properties.
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