Good news for renters as national rental prices fall again
The national average rent fell for the second consecutive month in June, offering welcome relief for many New Zealand renters.
According to the latest data from realestate.co.nz, the average weekly rental price across the country dropped to $636 in June 2025 – a 2.7% decline from $653 in June 2024.
Wellington leads the decline in rental prices
Wellington tenants saw the biggest reprieve, with the region’s average rent plunging 10.9% to $625 per week, down from $701 at the same time last year. Hawke’s Bay also posted a significant drop, with rents falling 6.6% from $677 to $632 year-on-year.
Vanessa Williams (pictured), spokesperson for realestate.co.nz, said the decline in rental prices is welcome news for households facing cost-of-living pressures.
“We know that any reduced cost, no matter how big or small, does make a difference for many household budgets,” Williams said.
Southern regions buck trend with strong rental growth
While most of the country is seeing falling rents, southern renters are still feeling pressure.
The West Coast’s average weekly rent rose 9.1% to $433 in June 2025, up from $396 last year.
Otago also recorded an 8% year-on-year rise, with average rents increasing from $571 to $616. Southland renters are paying more than ever, with the region setting a new record: average rents rose 6.1% to $489 – up from $461 in June 2024.
Williams noted Southland’s market continues to stand out.
“The region is certainly bucking the trend, for both home buyers and renters. It will be interesting to see what Southland’s property market does over the coming months as we move into spring.”
More listings give renters greater choice
In another positive development, the number of new rental listings nationwide rose 15.3% compared to June last year. Gisborne (+96.0%), Hawke’s Bay (+84.9%), and Wellington (+82.2%) recorded the largest increases in new listings.
Wellington’s new listings surged from 276 in June 2024 to 503 in June 2025. Waikato also saw strong growth, rising from 479 to 647 listings year-on-year.
“Greater choice in the market is also keeping prices honest,” Williams said. “And, with the Healthy Homes deadline having now passed, renters should be assured that a new listing should also be Healthy-Homes compliant.”
The latest Crockers Investor Insight survey with Tony Alexander also pointed to a rental market tilt in favour of tenants. A record net 40% of landlords say it’s difficult to secure good tenants – a sharp shift from 14 months ago, when a net 25% said it was easy.
The change is driven by a combination of weak net migration and growing housing supply, which has also led to fewer landlords planning rent increases. The net proportion expecting to raise rents in the next year has fallen to a record low of 44%.
