Rental Market Continues To Cool With Year-On-Year Drops Across The Motu

New Zealand rental prices are continuing their downward trajectory after falling yet again in July with rents easing across most of the motu. The national median weekly rent was down 3 per cent year-on-year in July to $620.

Trade Me Property Spokesperson Casey Wylde says, "The sustained year-on-year decreases in rent will come as welcome news for tenants. After a period of record highs in 2024, we're now seeing a market that offers more options and less competition, which is driving prices down in most regions.”

Nationally, the number of rental listings on Trade Me Property was up 13 per cent year-on-year in July, while demand was down 19 per cent. 

Wellington rents plummet $50 per week

Wellington has seen the most significant year-on-year decline across the motu. The median rent in the capital remains at $600 per week, representing a $50 per week or 7.7 per cent drop compared to July last year. 

"Like what we’re seeing nationally, this is being driven by your simple supply-demand equation pushing prices down," says Wylde. "With more properties available, renters have a lot more leverage and landlords are having to drop prices to secure tenants."

Wylde adds the Wellington region experienced a 27 per cent annual increase in rental stock and a 6 per cent annual drop in demand in July.

Auckland rent continues to fall

Auckland's median weekly rent was $660 in July, a $20 per week or 2.9 per cent decrease on the same time last year. Auckland’s rental market has remained volatile for much of 2025 with month-on-month changes but the overall trend is clear.

"Auckland rents are trending downwards, which is a big relief for renters in Tāmaki Makaurau who have been facing high prices for some time," says Wylde.

The number of listings in Auckland was up 4 per cent year-on-year in July, while demand was down 23 per cent.

Mixed fortunes across the regions

While most of the country is experiencing year-on-year decreases, Southland, Nelson/Tasman and Taranaki bucked the national trend. 

Southland has maintained strong annual growth, up 4.2 per cent to a median weekly rent of $500 - marking a new record. 

Nelson/Tasman saw rents rise nearly 2 per cent or $10 per week to $570 - $30 from its record of $600 back in March. While in Taranaki, rents rose 3.3 per cent or $20 per week to $620 - $10 shy of its $630 record hit in June 2024.

In other regions, year-on-year changes include:

Canterbury: down 1.7 per cent to $570

Northland: down 1.7 per cent to $590

Taranaki: up 3.3 per cent to $620

Bay of Plenty: down 1.5 per cent to $660

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