Apartment rental properties in Auckland are set to rise again in 2018, with rental properties increasing to a new high of 3.5 million units.

In August, the Auckland Board of Trade (ABT) said it would introduce a rent-to-rent scheme to help pay for the building and supply of apartments in Auckland.

The ABT has also said it will continue to provide support to developers with the necessary permits.

It said the new rent-based rental market in Auckland was a result of the strong economic recovery, with the sector’s share of new rental properties hitting the record high of 5.5% in September.

“The rent-driven market in the Auckland housing market is the result of strong economic growth, with an increase in rental unit rental activity, particularly in Auckland,” ABT chairperson John-Paul McManus said.

“However, as the economy continues to strengthen, rent-seeking behaviour in the market is likely to continue to rise, especially as it is driven by a desire for higher income, especially for lower income households.”

“Rent-to/rent-to market activity is likely now to peak around December 2021 and continue to climb over the next two years.”

Rental units are increasingly likely to be sold as investment properties or to be used to finance new residential developments.

“In some cases, the market will even be used as a rental investment.”

Mr McManuses​ report also said rents are expected to rise in some areas over the coming years.

The report said rents in Auckland would reach a new record in the year 2020, with prices set to increase by more than 25% in Auckland alone.

“While Auckland’s rental market is currently recovering from the global financial crisis, the city is still experiencing some of the worst downturns in the region, with some of these downturns likely to last for many years to come,” Mr McManuss said.

“We need to build on this recovery and build on the support provided to local property developers and builders by the ABT and the Government.”

“We are also working with the Government to support new and existing developers and landlords to secure new residential development and to increase the supply of rental apartments.”

“These are key priorities for the ABG, the Government and local community groups.”

In addition, the report said the ABB was working with state and territory governments to ensure rental apartments were not being used for speculative purposes, or for profit.

Mr McMannus said the rent-fueled market would not necessarily lead to a surge in housing supply.

“But there will be some positive outcomes, such as higher prices for some people, and some of those higher prices will offset some of that rent-induced rent inflation, and that will result in a reduction in rents for some Aucklanders,” he said.

New apartments to become available for sale in AucklandAuckland rents have already increased by more in the past three months than the total number of rental properties sold in Auckland during the same period last year.

In August last year, there were around 1.5m new rental apartments being sold, but there are now more than 5.4m, according to the National Housing Supply Council.

The NHSC said rents were also expected to increase over the course of the next three years.

Rents are set by a combination of market factors, including the length of a lease, a property’s value, and the size of the property, as well as local conditions such as the amount of space available in a unit, the size and type of parking, and whether the property is in an area where it is affordable to rent, the NHSCs report said.

Auckland is home to more than 10,000 people, most of whom live in apartments, according the National Council for Social Housing (NCSH).

“Rents in Auckland have risen for more than 30 years.

They are the result, in part, of strong property market fundamentals, including a high level of economic activity,” said NCSH chief executive Stephen Williams.”

It is also the result – and the most likely outcome – of the Auckland rent-led rental market, which has remained resilient and stable despite some of its most severe downturns.”

At this stage, Aucklanders have a clear understanding of the key drivers of rental demand, including rental market fundamentals and the level of rental supply.

Renting has become a significant and important part of our community and economy, and we have been working to strengthen rental markets for years.

“In recent months, Auckland has experienced a surge of apartment and house prices, with a record of 3,943 new properties sold.

This included the latest high of 2.6 million units sold, with more than 500,000 units sold in the first six months of this year alone.

A spokesperson for Auckland Council said the council was supporting the development of a new rental market.”

Council has been working closely with developers to support the development and development of