Advertised rents are dropping around the country but are particularly weak in Wellington

The national asking rent for homes advertised for rent on Trade Me Property was flat overall in May compared to April but is down on an annual basis.

The national median asking rent for properties advertised on Trade Me Property in May was $630, unchanged from April, although that followed two consecutive months of declines.

Around the country, median asking rents in May increased compared to April in four regions, declined in six, and were unchanged in four (comparative data was not available for the West Coast).

The biggest increases in median rents were at the bottom of the South Island , with the median rents in Otago were up 4.2% for the month, followed by Southland up 3.1%.

The biggest declines were in Marlborough -4.2% and Wellington -3.9% - see the second chart below for the full regional figures.

Rental activity appears particularly soft in Wellington, with more properties becoming available for rent but less demand from tenants.

"If we look at where rental supply for the [Wellington] region was this time last year, the number of listings is up a significant 41%, while demand is down 13%," Trade Me Property Spokesperson Casey Wilde said.

"With more options on the market, it comes as no surprise that rents have cooled in the Capital," she said.

On an annual basis, median asking rents rents were lower in all three main centres compared to a year ago.

The national median asking rent on Trade Me Property was $630 in May, -3.1% compared to May last year.

The biggest annual decline was in Wellington -4.6%, followed by Auckland -2.2% and Christchurch -1.8%- see the table below for the trend analysis by number of bedrooms.

Trade Me Property Annual Median Rent Change By Number of Bedrooms

May 2024 - May 2025