Source: RealEstate.co.nz
New Zealand’s national average weekly rent is on the decline, leaving tenants better off with a potential saving of $1,400 per year.
Latest data from realestate.co.nz shows the national average rent in May fell to $633 per week, a drop of $27/week or 4.1% compared to the same time last year.
Further insights from realestate.co.nz‘s latest rental data show:
- In May, the national average rental price was at the lowest it’s been since December 2023, reflecting a softening in rental prices over the last 12 months.
- 15 of our 19 regions saw a year-on-year decrease in rental prices. The biggest drops were in Coromandel (down 16.6% to $571) and Wellington (down 13.5% to $624).
- Nelson & Bays, Otago, and Southland were the only three regions to buck the trend with year-on-year increases in average weekly rental prices.
- New rental listings on realestate.co.nz are at the highest level in almost a decade.
Vanessa Williams, realestate.co.nz spokesperson, says the variation between regions is a reminder that national tr
