Demand climbs but rents barely move, reshaping strategy for landlords and brokers.
Rental demand is heating up across parts of New Zealand but rents themselves are barely budging.
Fresh figures from Barfoot & Thompson show tenant activity in Auckland, Northland, and Bay of Plenty rose for the third consecutive month in February, yet average rents remain almost unchanged.
The agency reported 32,749 rental enquiries in February, up 6.2% on January and 35.5% higher than a year earlier. Applications also lifted to 4,349, a 6.7% monthly increase and nearly 28% above February 2025.
The rental figures come as Barfoot & Thompson recorded its busiest February for Auckland home sales in five years, suggesting housing demand is strengthening across both the sales and rental markets.
Price-sensitive renters put pressure on landlords
Despite this lift in demand, rents have been largely flat. In Auckland, the average rent in February was $696.92, less than a dollar away from the three‑month average and only 0.7% above the same month last year.
Across Northland and Bay of Plenty, average rents shifted by less than 0.2% between January and February, pointing to limited scope for landlords to raise asking prices without losing applicants.
Elsewhere, Trade Me data show Wellington’s median weekly rent fell 7.4% year on year in January to $625, while the national median held steady at $620. Together, these figures highlight how several key markets are tilting in favour of tenants.
“This dynamic, between rising demand and flat rents, points to the continuation of a price-sensitive renters’ market,” said Anil Anna, General Manager Property Management at Barfoot & Thompson. “Competition remains strongest among landlords to attract or retain quality tenants.”
Tenants chase better deals as stock tightens in pockets
Barfoot & Thompson notes that some of February’s activity came from tenants re‑entering the market after rent rises.
“It is not uncommon for our property managers to meet people at viewings who are getting back in the market after a rent increase at their current home, actively looking for a better-priced property,” Anna said.
He also points to increased enquiry in Northland from people leaving Auckland in search of lower housing costs or lifestyle shifts.
Stock conditions remain uneven, with tighter supply and strong demand on the North Shore and in the City Centre, including from returning students, while parts of Eastern Auckland still have ample new‑build rental supply.
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