Residential rents continue to weaken with the national median rent for properties advertised on Trade Me Property declining 0.8% in April, on top of a 0.8% drop in March.
The national median asking rent on Trade Me Property was $560 a week in April, down 3.1% compared to April last year, a reduction of about $20 a week.
The biggest declines in April compared to March were in Otago -4.8%, Bay of Plenty -2.9%, and Auckland -1.5%.
Going against the trend there were substantial monthly increases in Hawke's Bay of 6.3% and Gisborne 4.6%. See the chart below for the full regional figures.
Trade Me Property said the number of properties advertised for rent on the website declined 2% in April compared to March, but the numbers remained high.
"The current supply remains up 27% on the same time last year and is helping to keep a downward pressure on rental prices, offering renters more options and leverage to negotiate," Trade Me Property Spokesperson Casey Wylde said.
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