Number of properties rented in June quarter up almost 12% but median rent unchanged

There was a high level of residential rental activity in the June quarter (Q2), but no overall movement in the rents being charged.

The latest data from Tenancy Services' Bond Centre shows it received 40,980 new residential bonds from throughout the country in Q2, up 11.7% from Q2 last year.

That was almost the highest number of bonds received in Q2 since interest.co.nz starting collating the data at the start of 2021.

However, while rental activity was high, there was no movement in the rents being charged.

The median weekly rent from the bonds received in Q2, across all property types and locations, was $600 a week, unchanged from Q2 last year and Q2 2024, suggesting there has been little if any overall rental growth for the last two years.

In Auckland, the country's largest rental market, 13,872 bonds were received in Q2, up 5.3% compared to Q2 last year. That was also the highest number of bonds received in Auckland in Q2 in at least the last five years.

Auckland's median rent was $650 a week in Q2, unchanged from Q2 last year. The median rent in Auckland has now been hovering around the $650 mark for almost three years.

In Wellington City, 2307 bonds were received in Q2, up 7.1% compared to Q2 last year, while the median rent was $580, down by $15 a week (-2.5%) compared to Q2 last year. The last time the median rent in Wellington was that low was in 2022.

In Christchurch 3582 bonds were received in Q2, up 2.4% compared to Q2 last year, while Q2's median rent of $550 was up by just one dollar compared to Q2 last year but unchanged from Q2 2024, so essentially flat.

Dunedin went against the trend, with 693 bonds received in Q2, down 2.9% compared to Q2 2025.

The median rent in Dunedin was $530, up by $10 a week (1.9%) compared to Q2 last year.

The latest figures suggests there are plenty of tenants finding places to live in, with a healthy supply of properties giving them plenty of choice.

But the high level of supply doesn't leave any room for landlords to achieve rental growth on the properties, with rents remaining stagnant.

Even in Queenstown-Lakes, the country's most expensive rental district, the median rent was $800 a week in Q2, unchanged from Q2 last year.