PHOTO: FILE
📊 Tenants gain leverage as rents drop and options surge across Aotearoa
April 2025 — New Zealand’s rental market has taken a historic turn in favour of renters, with rental listings hitting their highest point in more than a decade, according to new data from Trade Me Property.
📈 In March 2025, national rental inventory surged by 41% year-on-year, reaching levels not seen since early 2014.
🗣️ “Kiwis looking for a rental should feel empowered. The market is finally offering tenants more choice and negotiating power than they’ve had in years,” says Gavin Lloyd, Trade Me Property Customer Director.
💸 National Rent Falls – Tenants Save Hundreds
The national median weekly rent dropped to $635 in March—down $5 from February and 2.3% year-on-year, giving tenants a welcome reprieve in a market long dominated by landlords.
💰 Compared to March 2024, the average tenant is now saving $15 per week—amounting to nearly $800 annually.
🧭 Regional Rental Trends: Where Prices Are Rising
📍 Nelson/Tasman hit a record-high median rent of $600, up from $585 in February.
📍 Otago also surged to $630, with prices up 5% year-on-year and inventory climbing 16% from March 2024.
🌄 “In lifestyle hotspots like Nelson, seasonal demand and population growth are driving rents up despite national downward trends,” Lloyd explains.
📊 Auckland’s Rental Market Splits
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🛏️ 1–2 Bedroom Properties: All-time high of $595/week (+0.8% YoY)
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🏘️ 5+ Bedroom Properties: Sharp decline to $1,080/week (–9.2% YoY)
Auckland renters in smaller units are feeling the pinch, while those seeking larger homes now have more bargaining power.
📉 Wellington Leads Urban Rent Decline
Wellington saw the biggest urban rent drops in the country:
| Property Type | % Change | New Median |
|---|---|---|
| Units | –7.5% | $490 |
| Townhouses | –5.5% | $690 |
| Apartments | –4.2% | $570 |
🔻 Combined, that’s a 3.3% overall urban rent drop in the capital—nearly double Auckland’s (1.6%) and Christchurch’s (1.9%) decreases.
🗺️ 📉 Regional Median Rents – March 2025
| Region | Median Weekly Rent |
|---|---|
| Auckland | $680 |
| Bay of Plenty | $680 |
| Canterbury | $560 |
| Gisborne | $650 |
| Hawke’s Bay | $630 |
| Manawatū / Whanganui | $550 |
| Marlborough | $600 |
| Nelson / Tasman | $600 |
| Northland | $590 |
| Otago | $630 |
| Southland | $470 |
| Taranaki | $600 |
| Waikato | $580 |
| Wellington | $650 |
🧠 What This Means for Renters and Landlords
🏡 Tenants: Now is the time to shop around. With record supply and falling rents, renters have greater choice and stronger negotiating power.
📉 Landlords: High inventory means competition. Setting realistic prices and flexible terms will be key to securing tenants in 2025.
