Auckland’s rental market picked up pace again in February, with demand rising for the third straight month while rents stayed largely unchanged.

Barfoot & Thompson’s latest update shows 32,749 renter enquiries across Auckland, Northland and Bay of Plenty during February, up 6.2% from January and 35.5% higher than February last year.

Applications also increased to 4,349, up 6.7% month-on-month and 27.8% year-on-year, signalling stronger competition for available homes.

Despite the lift in activity, average rents in Auckland remained steady at $696.92 per week, less than a dollar from the three-month average and only 0.7% higher than a year ago.

Property managers are reporting a common moment at viewings where renters return to the market after a rent rise at their current home, looking for a more affordable option.

Barfoot & Thompson says this combination of rising demand and flat rents reflects a price-sensitive market, where landlords compete to attract or retain tenants.

Stock levels are gradually being absorbed in some parts of the region, although conditions vary.

Demand remains tight in areas such as the North Shore and the city centre, partly driven by students returning to the rental market, while other parts of Auckland, including the eastern suburbs, still have more supply following periods of heavy new development.

The agency manages more than 17,500 rental properties across Auckland at any time, with three-bedroom homes making up the largest share of its portfolio.

In Rodney, the average weekly rent across all property types in February was $715.96, up 2.1% from a year earlier.

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