Average national asking rents on Realestate.co.nz down $25 a week in March from two years ago levels

Advertised rents in the North and South islands have largely been tracking in opposite directions.

The data for average advertised rental properties advertised on Realestate.co.nz in March shows rents in 10 of 12 North Island regions falling both year-on-year and over the two years to March. The outliers were the Waikato and Wairarapa.

In the South Island rents rose, apart from a drop over two years in Marlborough, and year-on-year in the Nelson region. 

The combined figures, for all of New Zealand, show the average asking rent for rental properties advertised on Realestate.co.nz in March was $632 a week in March this year, down $13 from $645 in March 2025, and down $25 $657 in March 2024.

See the table below for the full list of regional figures.

The biggest declines over the 12 months to March this year were in Coromandel, which was down $68 a week, Hawke's Bay down $53, and Wellington Region down $42.

The biggest rental increases in the 12 months to March were in Queenstown-Lakes up $99 a week, Southland up $39 and Marlborough up $32.

The latest figures from Realestate.co.nz suggest rents are not following their usual seasonal pattern.

Usually, advertised rents decline slightly over the quieter winter months when there is less demand from tenants for rental properties, then pick up over summer as demand rises, before easing again over the following winter.

However, it appears the usual summer increase in asking rents did not arrive this year, with rents remaining relatively flat over summer at similar levels to winter last year.