The December quarter saw a big year-on-year increase in residential rental activity, while the rents being charged were slightly softer overall.
According to the latest tenancy bond data from Tenancy Services, the national median rent for properties rented in the fourth quarter (Q4) last year was $595 a week. That's down from $600 a week in Q4 2024 (-0.8%).
However, the big movement was in the number of properties tenanted, with Tenancy Services receiving 40,344 bonds from throughout the country in Q4 last year, up 15.1%.
Around New Zealand, median rents in Q4 declined in nine districts, increased in 12 and were unchanged in seven.
Rents were weakest in the Wellington region, with falls ranging from $53 a week in Upper Hutt to $15 a week in Masterton.
Kapiti Coast was the only Wellington district to record an annual increase in median rent, of $5 a week.
The biggest annual increase in rent was in Whanganui, where the median rent increased to $520 from $488, up $32 a week (6.6%).
The increase in rental activity was far more dramatic, with all districts apart from Tauranga recording an annual increase in bonds received in Q4 last year, and in most cases the increases were substantial.
The annual percentage increases in bond numbers were well into double digits in most districts, with Tauranga, Kapiti and Dunedin the only districts not to record double digit annual percentage increases.
The fact that rental activity has increased as a much greater pace than rents suggests there is a healthy supply of rental properties and tenants have plenty of choice.
That is supported by a recent report from property website Realestate.co.nz which showed the number of new rental listings received by the website at the start of this year was up 12.8% compared to a year earlier.
See the chart below for median rent and bond data for major urban districts throughout the country.
The comment stream on this article is now closed.
Q4 2025 Median Residential Rents and Tenancy Bonds by District
Compared to Q4 2024
20 Comments
Steady rental market across Auckland despite low immigration and townhouse glut.
Rents and immigration ripe for cyclical increases 🥂
Wrong again CDZ.
This market is borked and this sucker is going down!
The only market salvation and bottom, will be the 10% rental yields coming. (Hint: NOT FROM RENT INCREASES - home prices must fall, a lot!)
Its "watch out below" time!
Auckland is the engine room of our economy, it has unemployment of 6.4%, rents are falling because of oversupply. Inconveniet truths get routinely ignored.
I seems like only yesterday we were lambasting the undersupply and talking about empty houses owned by international purchases. I must be getting old.
It’s like removing regulation makes markets work better or something.
Here comes the spin. The data tells us people are choosing to rent instead of buying, and rents are falling. Commentary cherry picking the data to highlight the regions that had rent increases, is spin.
The facts are: people are choosing to rent because houses relative to income are the highest in the OECD, the quality is poor and unaffordable in a low wage economy like NZ. People are moving to areas where job opportunities exist and are renting, not buying. Selling overpriced poorly made houses has been this countries main, bizarre economic driver. House prices nation wide are falling. Tell me about the " green shoots" again.!
Brucey! The numbers are there in front of you. Greg's report stats show Auckland rents not falling! I suppose negative people love negativity despite the facts. When ur holding a hammer everything looks like a nail!
🥂
All of this kills demand for housing as an investment even TA says older investors now starting to consider selling, NSS
ANALYSIS: Two weeks ago, I discussed some key results from the survey of residential property investors I run each month with Crockers Property Management. Basically, tenants are not readily available, concerns have grown about interest rates going up, and more established investors are looking to sell, though not in any panicked manner.
Between 2020 and now, the average annual gain has been 5%
It’s comical how TA selects a random 6 year time frame to get that palatable 5% annual gain.
You can clearly see in the graph it’s been an annual gain of 0% for the last 4 years. Or an annual loss of -3% for the last 5 years.
Take your pick out of the bunch, but 5% annual gains is not reflected in the trend.
It was a fluke pick your honour
this is massively impacting the ponzi, without capital gains most are unwilling or unable to move up the steps of the "ladder", buyers and sellors are stuck on their rung.. like dead parrots
The panic occurs after the smart ones are out and the rest start running for the exit.
Flat prices and flat rents is pretty poor in the context of 2025 markets. Checking my share portfolio my return was over 20% in 2025 and I don't think that's exceptional.
Even my NZX-listed shares were up about 17%.
And with BTC divided by 2 there's a huge potential in the next 12/18 months.
You can also double your money at the roulette wheel at Skycity
Maybe the rents aren’t falling but they are however 3.1% cheaper due to inflation.
I wonder whether the high number of new tenancies is actually churn. People quit one leased property for another better one for the same rental - or lower rental. The total number of tenancies doesn't increase it is just everyone takig one step to the right.
Yes, I agree. You can get into a much better house while keeping the same rent now. Many tenants who jumped into New but small, terraced homes without parking, are realizing they can get a bigger property with ample parking for the same price. Thus churn.
I've several friends who have done this recently to save the likes of $160 per WEEK in rent for more central properties to their work. Seems in Nelson at least, there is still a steady stream of people leaving for Oz with all of the big business closures of late.
That doesn't really align with Nelson's $8 a week rent increase in the stats
Sure it does, as the above stats are median only.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.