Hunters drive fierce competition for rental homes, but fresh data underscores stagnating price growth across country
New Zealand renters are getting a rare moment of price stability even as the race for available homes intensifies ahead of summer.
Trade Me Property’s latest Rental Price Index shows the national median weekly rent held at $620 in December, unchanged for the second consecutive month and 1.6% lower than a year ago – around $10 less per week than in December 2024.
"It’s a bit of a steady start to the summer," said Trade Me Property spokesperson Casey Wylde (pictured). "After some movement earlier in the year, the national median rent settled at the $620 mark for the second month in a row. While it’s great news for renters' wallets that prices haven’t spiked, we’re seeing a lot of interest behind the scenes."
That cooling is part of a wider shift showing up in other datasets as well. Realestate.co.nz reports that, for the first time in 10 years, New Zealand’s national average weekly rent has fallen compared to a year earlier, with the average advertised rent easing from $638 a week in 2024 to $627 in 2025 – a 1.8% decline and the first annual fall since 2015.
Searches surge as new listings dip
Despite flat national rents on Trade Me, demand is climbing. Search activity was up 8% year-on-year in December, with classic summer regions driving much of the lift.
“We saw significant demand for summer hot spots particularly in Gisborne, Hawke’s Bay, and Taranaki towards the end of 2025,” Wylde said.
Searches in Gisborne jumped 51% year-on-year, while Hawke’s Bay and Taranaki rose 28% and 29%, respectively.
Meanwhile, the flow of new rentals slowed. The number of new listings coming onto the market fell 23% between November and December, although supply is still 4% higher than in December 2024.
"We usually see a dip in new listings as people focus on their holidays, but the demand isn’t slowing down," Wylde said. "With searches up and new listings down, the market’s tightening. If you’re looking for a new place, you’ll need to be quick with many Kiwi clearly using their holiday downtime to plan their next move."
Auckland, Bay of Plenty remain priciest; Southland cheapest
Auckland and the Bay of Plenty continue to share the top spot as the country’s most expensive rental markets, each with a median weekly rent of $650.
Auckland rents were flat over the month but sit 3.0% below December 2024. In the Bay of Plenty, rents dropped 1.5% both month-on-month and year-on-year.
Canterbury saw rents edge up 1.8% from November to $580 per week. Southland remains the most affordable region, with a median of $450 per week.
Wellington’s median rent held at $600 per week in December, but is now $50 cheaper than the same time last year, underscoring how conditions have eased for tenants in the capital.
Wellington tenants see biggest gains in smaller homes
The standout savings are in Pōneke’s smaller and mid-sized rentals.
"The biggest wins for tenants in Pōneke are in the smaller-to-mid-sized homes," Wylde said. "We’ve seen rents for one–to–two bedroom properties fall by over 5% annually, while three–to–four bedroom homes have dropped by nearly 7%. For families and young professionals in the capital, the cost of living in a rental’s now back to levels we haven’t seen in years."
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