The rental housing market remained soft in October with advertised rents lower than a year ago in many regions while the number of properties available to rent increased.
The average asking rent of all the rental properties advertised on realestate.co.nz was $628 a week in October, down by $21 a week (-3.2%) compared to October last year.
The biggest decline was in the Wellington Region where the average advertised rent was down by $67 a week (-9.6%) compared to October last year.
In Auckland the average asking rent was down by $24 a week (-3.4%) compared to a year ago and in Otago it was down by $38 a week (-6.5%)..
Canterbury was the only main centre region where the average rent didn't decline, but the annual increase in the region was only $1 a week, so in practical terms, rents in Canterbury were flat - see the table below for the full regional figures.
At the same time as average rents have been falling, the number of residential properties looking for a tenant has been rising.
Realestate.co.nz received 6750 new rental listings from throughout the country in October, up 5.5% compared to September and up 11.4% compared to October last year.
The biggest jump in new rental listings was in the Wellington Region, with 601 received from the region in October, up 70.7% compared to October last year.
"The fact that average rental prices are down nationally tells us the rental market is going in a different direction from the broader cost of living pressure, which is certainly welcome news for tenants," realestate.co.nz spokesperson Vanessa Williams said.
"For landlords, that means despite being hit with rising living costs, they may not be able to command the higher rental prices they would like," Williams said.
| Average Advertised Asking Rents on Realestate.co.nz | ||||
| October 2024 v October 2025 | ||||
| Region | Oct-24 | Oct-25 | Change 1 yr | |
| Northland | $594 | $610 | $16 | |
| Auckland | $707 | $683 | -$24 | |
| Coromandel | $591 | $567 | -$24 | |
| Waikato | $575 | $566 | -$10 | |
| Bay of Plenty | $685 | $656 | -$30 | |
| Central North Island | $552 | $545 | -$7 | |
| Gisborne | $680 | $618 | -$62 | |
| Hawke's Bay | $598 | $613 | $16 | |
| Taranaki | $561 | $579 | $18 | |
| Manawatu / Whanganui | $556 | $532 | -$25 | |
| Wairarapa | $553 | $556 | $3 | |
| Wellington | $701 | $634 | -$67 | |
| Nelson & Bays | $572 | $565 | -$8 | |
| Marlborough | $555 | $574 | $19 | |
| West Coast | $398 | $412 | $14 | |
| Canterbury | $585 | $586 | $1 | |
| Central Otago / Lakes District | $788 | $798 | $10 | |
| Otago | $582 | $544 | -$38 | |
| Southland | $454 | $481 | $27 | |
| All of Aotearoa | $649 | $628 | -$21 | |
9 Comments
So more houses available for FHB's to buy, falling interest rates, cheaper rents helping with saving deposits - I thought that people had to secure their first home buy the end of 2023 or they would have missed 'the cycle' and be locked out of the housing market until 2030?
That was the fear mongering being used by vested interests on here a few years ago with their 'be quick' propoganda and anyone who disagreed was labelled as an unqualified 'doom gloom merchant'. Funny how within a matter of years the public opinion of matters can change so much and yet be called 'impossible' and outside the realm of remote possibility at the time (eg falling house prices and better future buying opportunities/conditions for FHBs)
Pretty safe to say the punts at the extreme ends of the spectrums have been wildly wrong, and the more centrist view is holding true.
Not that your view works linearly either, by the time you factor in a few years extra rent, high consumer inflation, and a worsening job outlook, it's about even stevens. As you'd expect if virtually nothing systemic has changed over the same period.
Good points, I agree with you.
Yeah I mean the more popular view was "this time it's different", a great reset, the rentiers will collapse under a Deb tsunami, etc.
I think if you asked people on the street if the system's providing them more today than it was 5 or 10 years ago the consensus would be mostly negative.
Unless they're old or something.
Tauranga rentals available have fallen to 2023 levels
Thanks Greg. As a renter be good if this got some adequate mainstream media coverage.
Perhaps look at your options and ask for a rent reduction or you'll move house. Many are dong so and succeeding.
Yikes... the speculative that leveraged up in Gissy and Welly must sweating.
Popcorn.
The average asking rent of all the rental properties advertised on realestate.co.nz was $628 a week in October, down by $21 a week (-3.2%) compared to October last year.
Yet the CPI showed rents being the third highest contributor toward higher yearly inflation. Greg, can you please explain how this is possible ? Thanks.
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