Rental supply surges nationwide as affordability pressures ease
Auckland renters are entering summer with more choice and stable prices, as new data from Barfoot & Thompson shows average weekly rents barely moved in October despite a lift in property listings.
Nationally, renters are seeing similar relief. Realestate.co.nz reported that the average weekly rent fell 3.2% year-on-year to $628 in October, marking a rare decline amid rising household costs. The drop in rents comes as economists expect the Reserve Bank to deliver a 25-basis-point rate cut in November, which could further ease financial pressure for both tenants and landlords.
Rents hold steady amid more competition
The city’s average weekly rent at the end of October was $695.05, virtually unchanged from September — down just 18 cents. Compared to October 2024, rents were up only $5.22, or less than 1%.
“This is the smallest annual movement in average weekly rent we’ve observed in October in the past 10 years,” said Anil Anna (pictured), general manager of property management for Barfoot & Thompson, in a media release.
“By comparison, the average year-on-year October price movement has ranged from as low as $8.91 between 2019 and 2020, which captured the first month following a six-month rent freeze due to COVID, to as high as $28.92 between 2023 and 2024.”
The results are based on data from more than 17,500 Auckland rental properties managed by Barfoot & Thompson, covering both existing and new tenancies to capture the full market picture.
One-third of landlords adjusting prices
Anna said the steady rent figures mask a highly competitive environment, as subdued demand and healthy supply continue to put downward pressure on rents.
“Since May 2024, we’ve recorded a steady trend of between 30% and 40% of properties being rented for less than their original listing price. This continued at 36% in October 2025,” he said.
“This means around a third of landlords are shifting their listing prices down to meet the market. Those renewing tenancies are also tending to keep rents the same, and in some very competitive areas, even lowering rents to maintain a tenancy.”
He noted that suburbs with higher stock levels — along with larger homes, terraced houses, and apartments — are under the most price pressure.
“This shows, again, how critical price is for renter decision-making in the current climate, and the need for more landlords to list within those expectations and constraints,” Anna said.
Tenant activity rises with warmer weather
Renter demand picked up in October as enquiries, viewings, and applications increased, boosted by the warmer weather and improved housing selection.
“October was our third busiest month for enquiries in 2025. While we are still some way off the October 2023 peak of more than 31,700 enquiries, it’s enough to see this interest flow through in increased viewings and applications as well,” Anna said.
The agency rented 675 properties in October, up 13.8% from September. Viewings rose 11.5%, and applications increased 8%. At month-end, 855 properties were listed for rent — about 7% higher than the three-month rolling average.
Minor regional shifts and steady national trend
The average rent for a typical three-bedroom home — the most common size on the market — stayed just below the $700 mark at $699.87.
Regionally, modest increases were recorded across the North Shore (+1.9%), Rodney (+1.7%), and South Auckland (+1.4%), while Central Auckland, Central West, and Pakuranga/Howick saw small declines between -1.75% and -0.1%.
Nationwide, new rental listings climbed 11.4% year-on-year in October, according to realestate.co.nz, as rental supply continues to outpace demand in many regions. Auckland’s 3.4% decline in average rent mirrors this broader easing, with increased stock giving tenants more negotiating power.
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