COVID-19 Auckland Rental Market - Are Rents Dropping?
5 Observations
Average days on the market is 30-35 days at the moment which means it takes longer to rent out a property at the moment.
Standard family homes are renting reasonably fast for properties at the $600 to $800 range if the properties are priced correctly and are in reasonable condition.
Higher end properties with asking rent of over $1,200 per week are taking longer to rent out and we are seeing at least 10%-15% drop in rent.
Inner city apartments are taking a huge hit on rent at the moment due to lack of students and oversupply of properties transitioning from short term accommodation to long term.
This one is a surprise for us. Even for apartments outside of city centre, it is getting harder to rent them due to the central air conditioning and ventilation system that prospective tenants perceive as a threat.
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