Average asking rents on Trade Me Property 3.1% lower in July compared to a year ago

The rental housing market remained soft in July, especially in Auckland.

The national average asking rent for properties advertised on Trade Me Property was $620 in July, unchanged from June but down 3.1% compared to July last year.

Trade Me Property's monthly average advertised rents have been lower than the same month last year since March, giving five consecutive months of annual declines, while in Auckland the average asking rent has been lower than the same month last year in every month since January.

However the rate of decline may be starting to slow, with the national annual decline dropping back to 3.1% in July after peaking at 3.9% in June.

Around the regions, average asking rent movements were mixed in July compared to June.

Regions where the average asking rent declined in July compared to June were Auckland -$10,  Waikato -$5, Gisborne -$15, and Hawke's Bay -$10.

Rises compared to June occurred in Bay of Plenty +$5, Taranaki +$20, Marlborough +$10,  Nelson/Tasman +$5, Canterbury +$20 and Southland +$20, while average asking rents were unchanged for the month in Northland,  Manawatu/Whanganui, Wellington and Otago.

The rental listing figures also point to a softer rental market.

The number of properties listed for rent on Trade Me Property was up 13% in July compared to July last year, while online interest from prospective tenants was down by 19% over the same period.

"The sustained year-on-year decreases in rent will come as welcome news for tenants," Trade Me Property spokesperson Casey Wylde said.

"After a period of record highs in 2024, we're now seeing a market that offers more options and less competition, which is driving prices down in most regions," she said.