Renters may be saving more this year
New Zealand’s average weekly rent has declined to its lowest level in six months, with national figures falling to $633 in May – down $27 per week compared to the same time last year.
The 4.1% drop represents a potential saving of around $1,400 annually for tenants, according to data from realestate.co.nz.
The downward shift in rental prices has been observed in most parts of the country. Fifteen of the 19 regions tracked recorded year-on-year decreases. The largest reductions occurred in Coromandel, where rents fell 16.6% to $571, and in Wellington, which posted a 13.5% drop to $624.
Only three regions – Nelson & Bays, Otago, and Southland – recorded an increase in average weekly rent over the same period. These areas moved in contrast to the national trend, indicating differing rental pressures at the regional level.
The recent figures coincide with a rise in supply, as new rental listings on realestate.co.nz reached their highest level in almost ten years. This increase in availability may be contributing to the easing of rental prices, especially in regions with higher stock levels.
Vanessa Williams, spokesperson for realestate.co.nz, said that while national statistics provide a general picture, local market movements may tell a different story. She noted that regional factors continue to influence rental pricing, and outcomes are not uniform across the country.
The May figures represent the lowest national average since December 2023 and suggest ongoing adjustments in the housing rental market over the past 12 months.
