Tenants gain options, savings
Renters across New Zealand are seeing welcome relief in 2025, with a surge in available properties and softening weekly rents, according to new data from realestate.co.nz.
The number of rental listings has reached its highest level for any April since 2016, offering more choice and improved affordability in key regions—a trend that mirrors the broader property market, where values have dipped again as activity cools heading into winter.
Rental stock surges in major centres
The number of new rental listings in April climbed to 5,868, a 24.1% year-on-year increase from 4,729. It’s the strongest April showing in nearly a decade—surpassed only by April 2016 (6,836).
“The number of holiday homes and Airbnbs that are being converted back from short-term rentals into long-term rentals,” said Vanessa Williams (pictured), spokesperson for realestate.co.nz.
Auckland, which has seen rents stabilise as tenant demand softens, led the way with 2,375 new listings, up 8.6% year-on-year. Wellington saw a dramatic rise of 196.6%, reaching 691 listings, while Canterbury recorded a 39.4% increase.
“A slower sales market over the last 2.5 years has seen investors holding onto their properties,” Williams said.
“When we look at our typical rental demographic (those aged 18–25), they’re doing one of two things: staying at home with their parents because of the cost of living or departing New Zealand shores and moving overseas.”
Weekly rent prices soften nationwide
The national average rent dropped by $14 per week year-on-year, translating into a meaningful saving for tenants.
“That’s a nice three-seater sofa for the flat or a weekend away. In today’s current economic climate, $700 can go a long way,” Williams said.
Wellington posted the steepest decline, down 7.2% or $50 per week, from $697 to $647. Other declines were seen in the Central North Island (down 6.9%) and Taranaki (down 5.7%).
Central Otago bucks the national trend
While most of the country saw easing rental costs, Central Otago and Lakes stood out as an exception. The region’s average weekly rent rose to $870, up 3.0% year-on-year—reaching an all-time high, realestate.co.nz data showed.
New listings in the region fell 22.1% month-on-month, but the year-on-year figure rose 35.8%, indicating sustained demand and limited stock.
“It’s not surprising to see this region continue to command top dollar with its beautiful homes, attractive lifestyle, and strong tourist market,” Williams said.
