PHOTO: FILE
đ Tenants gain leverage as rents drop and options surge across Aotearoa
April 2025 â New Zealandâs 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.
đ In March 2025, national rental inventory surged by 41% year-on-year, reaching levels not seen since early 2014.
đŁïž âKiwis looking for a rental should feel empowered. The market is finally offering tenants more choice and negotiating power than theyâve had in years,â says Gavin Lloyd, Trade Me Property Customer Director.
đž National Rent Falls â Tenants Save Hundreds
The national median weekly rent dropped to $635 in Marchâdown $5 from February and 2.3% year-on-year, giving tenants a welcome reprieve in a market long dominated by landlords.
đ° Compared to March 2024, the average tenant is now saving $15 per weekâamounting to nearly $800 annually.
đ§ Regional Rental Trends: Where Prices Are Rising
đ Nelson/Tasman hit a record-high median rent of $600, up from $585 in February.
đ Otago also surged to $630, with prices up 5% year-on-year and inventory climbing 16% from March 2024.
đ âIn lifestyle hotspots like Nelson, seasonal demand and population growth are driving rents up despite national downward trends,â Lloyd explains.
đ Aucklandâs Rental Market Splits
-
đïž 1â2 Bedroom Properties: All-time high of $595/week (+0.8% YoY)
-
đïž 5+ Bedroom Properties: Sharp decline to $1,080/week (â9.2% YoY)
Auckland renters in smaller units are feeling the pinch, while those seeking larger homes now have more bargaining power.
đ Wellington Leads Urban Rent Decline
Wellington saw the biggest urban rent drops in the country:
| Property Type | % Change | New Median |
|---|---|---|
| Units | â7.5% | $490 |
| Townhouses | â5.5% | $690 |
| Apartments | â4.2% | $570 |
đ» Combined, thatâs a 3.3% overall urban rent drop in the capitalânearly double Aucklandâs (1.6%) and Christchurchâs (1.9%) decreases.
đșïž đ Regional Median Rents â March 2025
| Region | Median Weekly Rent |
|---|---|
| Auckland | $680 |
| Bay of Plenty | $680 |
| Canterbury | $560 |
| Gisborne | $650 |
| Hawkeâs Bay | $630 |
| Manawatƫ / Whanganui | $550 |
| Marlborough | $600 |
| Nelson / Tasman | $600 |
| Northland | $590 |
| Otago | $630 |
| Southland | $470 |
| Taranaki | $600 |
| Waikato | $580 |
| Wellington | $650 |
đ§ What This Means for Renters and Landlords
đĄ Tenants: Now is the time to shop around. With record supply and falling rents, renters have greater choice and stronger negotiating power.
đ Landlords: High inventory means competition. Setting realistic prices and flexible terms will be key to securing tenants in 2025.
