Christchurch has stood out from the rest of the country as the only major city where urban rental prices have risen, despite the national median weekly rent dropping to its lowest level since May 2023.
Trade Me’s latest Rental Price Index shows the median rent across New Zealand has fallen to $610 in October. That is a $10 drop since September and a four per cent fall compared to the same month last year.
Trade Me Property spokesperson Casey Wylde said the fall was significant and signalled further cooling in the rental market.
“We have not seen the national median this low since early in 2023. Renters should make the most of prices being this low by checking out their options,” Wylde said.
While most major centres saw prices fall, Christchurch recorded increases across all urban property types, including apartments, townhouses and units. The median rent for these dwellings rose by one per cent year on year, with apartments and units both up by two per cent.
Wylde said it showed continuing strength in the Christchurch market, where demand for smaller, centrally located properties remained firm.
Elsewhere, Wellington recorded one of the largest drops, with the median weekly rent falling eight per cent year on year to $600. Gisborne fell close to nine per cent, Otago dropped five per cent, and the Bay of Plenty and Auckland fell four per cent. Despite the declines, Auckland and the Bay of Plenty remain the most expensive regions to rent at $650 per week.
Some smaller regions continue to rise. Nelson Tasman recorded a four per cent increase, while Southland and Taranaki saw rises of two per cent.
Listings nationwide increased by two per cent in October, while rental searches fell six per cent year on year.
“This suggests we have fewer people in the market overall, or tenants are staying put. Either way, this lack of competition gives renters more power right now,” Wylde said.
Lifestyle regions are seeing rising interest, with Gisborne and Hawke’s Bay both recording fifteen per cent increases in searches, and Marlborough up ten per cent.
