Rents in Auckland are falling as vendors give up on selling their properties.
Sales figures from Auckland's largest real estate firm, Barfoot & Thompson, show the average weekly rental dropped from $391 in June to $384 last month.
Managing director, Peter Thompson, says some vendors may be choosing to let their properties rather than sell in the current market.
However, he says they need to understand they may not be able to get as much when selling their properties as they anticipated.
Mr Thompson says those who are selling, are lowering their expectations with the average sale price dropping 5.3% from June to July this year to just over $497,000.
Sales figures for July show 13% more houses were sold.
The company had only 1500 listings in July, reflecting cautiousness by homeowners.
Mr Thompson says the market appears to be stabilising and he expects more quality listings in spring and summer months.
