Now is probably a good time for anyone looking to rent a residential property, with plenty of vacant rental stock to choose from and rents easing slightly.
The rental market is usually quieter over the winter months while stock levels remain high. So anyone looking to rent a property should have plenty to choose from, and will likely face less competition from other prospective tenants than in the busy summer months.
The latest data from property website Realestate.co.nz shows it had 8220 residential properties available for rent at the end of May. That's the most it has had available so far this year, although that's down by 3.4% compared to May last year.
The figures suggest the amount of rental stock becoming available remains elevated, with more than 7000 new rental listings coming on to the website in May this year and May last year.
That compares with less than 6000 in May 2024 and less than 5000 in May 2023 and 2022.
Average asking rents on the website have also been easing very slightly this year, with the national average dropping to $630 a week in May from $634 in January, although it is normal for rents to experience a slight seasonal decline over that period.
Most regions experienced only a modest movement in average asking rents, although Otago bucked the trend, with the average dropping to $569 a week in May from $699 a week in May last year, a decline of 18.6%.
The chart below shows the number of new rental listings received by Realestate.co.nz in each region in May this year compared with May last year
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