Market rent is described in the Residential Tenancies Act as the rent amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy. It needs to be similar to the rent charged for similar properties in similar areas.

Market rent is a useful guide for landlords when they’re deciding what the rent will be. Note that if a landlord charges significantly higher rent than the market rent, a tenant can apply to the Tenancy Tribunal asking for the rent to be reduced.

Click here to find out the market rent statistics for Auckland.