The rental housing pendulum continues to swing firmly in tenants' favour, according to the latest rental data from Trade Me Property.
The national median asking rent for rental properties advertised on Trade Me Property was $610 in October, the lowest it has been since May 2023.
The decline in advertised rents is affecting most of the country, with the biggest fall over the last 12 months occurring in Gisborne, where the median advertised rent in October was 8.6% lower than in October last year.
That was followed by the Wellington Region -7.7%, Otago -4.6%, Bay of Plenty -4.4%, and Auckland -3.7%.
The only regions to show an increase were Taranaki 1.6%, Nelson/Tasman 3.5% and Southland 2.1%. (Refer to the chart below for the full regional figures).
The decline in advertised rents may be part of a structural change taking place in the rental market, with the number of rental properties being advertised on Trade Me Property rising, while enquiries from prospective tenants are declining.
Total rental listings on Trade Me Property in October were 2% higher than October last year, while searches for rental properties on the website were down 6%.
"This suggests we've either got fewer people in the rental market overall, or that tenants are choosing to stay put in their current flats," Trade Me Property spokesperson Casey Wylde said.
She described the latest drop in rents as "significant."
"We haven't seen the national median this low since early on in 2023, which is good news for renters who are looking at moving ahead of the summer months," she said.
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