NZ Rents Fall For Second Month Straight

Aotearoa's national median rent has fallen for the second month in a row, confirming a shift in the rental market after summer stability.

After holding steady in February, the median weekly rent saw a 0.8 per cent drop in March, and another in April. This two-month pattern of decline contributes to an overall year-on-year decrease of 3.1 per cent in the national median weekly rent.

Trade Me Property Spokesperson Casey Wylde, notes, “with the median weekly rent sitting at $560 tenants are now paying around $20 less a week than they were in April 2024.”

Plenty of rental choice remains

While the number of rental properties on Trade Me reached its highest point in over a decade in March, supply dipped slightly in April falling by two per cent. Despite this small decrease, the number of listings remains high.

Wylde comments, “the current supply remains up 27 per cent on the same time last year and is helping to keep a downward pressure on rental prices, offering renters more options and leverage to negotiate.”

The most significant median rent drops in April were recorded in Otago, down 4.8 per cent to $600 per week, Bay of Plenty, down 2.9 per cent to $660 and Tāmaki Makaurau, which fell 1.5 per cent to $670.

Hawke’s Bay bucks the trend with new record high

Despite the national median rent falling in April, Hawke’s Bay hit record high rents in the month, up 6.3 per cent to $670 per week.

“We are certainly seeing plenty of supply in the Hawke’s Bay market too, with rental listings up a significant 73 per cent year-on-year,” says Wylde.

Gisborne also saw its median rent rise up 4.6 per cent in April to $680 per week.

Christchurch Small Units Up While Others Fall

Across the three main cities, the average median rent fell 3.1 per cent in April with smaller 1-2 bedroom Christchurch rentals a notable exception, up one per cent to $520 per week, a record high for this property type.

In contrast, Wellington and Auckland continue to see declines across most property sizes.

Wellington experienced significant drops in 3-4 bedroom and 1-2 bedroom properties, both falling by 6.7 per cent in April. The median weekly rent for 3-4 bedroom homes in Wellington is now $700, while 1-2 bedroom rentals are at $560 a week.

In Auckland rents for 3-4 bedroom homes fell by 5.1 per cent to a median weekly rent of $750.

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