September's Monthly Rental Market Update
No spring in the step of rental market – why landlords are under pressure on price
There was no spring in the step of the Auckland rental market in September, with prices remaining flat and activity easing back from a mid-year rebound.
As of the end of September, the average weekly rent was $695.23, up just 0.1% (89 cents) from August, and 1.4% ($9.76) higher than a year ago (September 2024).
Anil Anna, General Manager Property Management for Barfoot & Thompson which manages more than 17,500 properties in the Auckland region, says the slow-moving price trend reflects subdued renter activity over the past 12 months.
“While renter interest is higher than a year ago, it’s still tracking below historic levels,” says Anil, adding: “The surge of activity we observed in July has not yet built momentum towards a seasonal lift that can sometimes accompany the arrival of spring.”
He notes that periods of unsettled weather and school holidays in September may also have contributed to the figures.
There were around 1500 fewer enquiries about available listings in September compared to August (down 6.4%), leading to fewer groups viewing properties (down 4.8%), and fewer applications (down 4.1%). Compared to averages over the previous three months, enquiries were down 5.5%, and groups shown through rentals down 3.4%, while applications were up slightly, by 1.3%.
A total of 593 properties were rented in September, 4.8% below the three-month average; and the agency ended the month with 830 properties available for rent, 2.2% more than the same time last year.
Anil says the consistently lower levels of renter activity over the past year has created a highly competitive environment for landlords, prompting many to hold and, in some cases reduce, rents to retain existing tenants or attract new ones.
“With so much choice available, and fewer people looking, property owners are under pressure to be more competitive on price and presentation.
“Our managers tell us interested tenants are making very cautious and considered decisions about their next move, and price is a major factor in the current economic environment.”
Looking ahead, Anil says the decreasing OCR, potential spring uplift and eventual return of tertiary students could influence the otherwise sluggish market over the coming months.
Around the region, Rodney-based properties saw the greatest percentage increase in average rent, at 2.9%, while Central City-based apartment rents were down 2.0% on average. By size, three-bedroom homes saw the greatest percentage increase in rents, ending the month at an average just shy of $700 per week.
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*
| September 2025 | August 2025 | Previous 3-month average | September 2024 |
| Average weekly rent – Auckland $695.23 |
$694.34 +0.1% |
$694.72 +0.1% |
685.47 +1.4% |
| Properties rented – All 593 |
618 -4.0% |
623 -4.8% |
619 -4.2% |
| Month end properties available – All 830 |
766 +8.4% |
804 +3.2% |
812 +2.2% |
| Enquiries – All 22,239 |
23,750 -6.4% |
23,539 -5.5% |
20,231 +9.9% |
| Viewings – All 4537 |
5013 -9.5% |
5137 -11.7% |
4637 -2.2% |
| Shown through – All 7724 |
8116 -4.8% |
7992 -3.4% |
7191 +7.4% |
| Applications – All 2951 |
3076 -4.1% |
2913 +1.3% |
2949 +0.07% |
* 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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