Average rents flattening in Auckland, still declining in Wellington, Realestate.co.nz says

The rental housing market is showing signs of stabilising after the busy summer season.

Property website Realestate.co.nz had a total of 7955 residential properties available to rent at the end of April, barely changed (-0.9%) from the 8024 it had available at the end of April last year.

Advertised rents also appear to be stabilising after some significant declines over the last 12 months.

The average advertised rent on the website was $631 a week in April this year, down $9 a week year-on-year, but down just $1 a week compared to March this year.

Similarly, the average advertised rent in Auckland, the country's largest rental market was $690 a week in April, down $12 a week compared to April last year, but up $1 a week compared to March this year.

However, rents appear to be continuing to soften in the Wellington Region, where the average advertised rent was $620 a week in April, down from $627 in March and $647 in April last year.

The average advertised rent in Wellington has dropped $77 a week over the last two years.

Central Otago/Lakes remains the most expensive place to rent, with an average advertised rent of $860 a week in April. The cheapest rents were in the West Coast with an average of $456 a week, while advertised rents in Waikato and Nelson hit record highs in April.

Realestate.co.nz spokesperson Vanessa Williams said rents were cheaper than a year ago in 10 out of 19 regions around the country, which would be a welcome relief for many renters.

"The decline seen in Wellington reflects wider economic forces in the region, including widespread job losses," Williams said.

The table below shows the average advertised rents throughout the country and their annual change.