Trade Me Property reports a 41% surge in listings as renter power grows
Rental listings in New Zealand have surged to a 10-year high, with new data from Trade Me Property revealing a 41% year-on-year increase in March.
The rise in inventory marks the highest level of rental listings since early 2014.
Gavin Lloyd (pictured), Trade Me Property customer director, said the shift is tipping the scales in favour of renters.
“Those seeking residential rental accommodation should feel empowered, there’s a wider range of options available and tenants have more negotiating power than they have had in years,” Lloyd said.
National median rent drops, saving tenants up to $800 a year
In a welcome trend for renters, New Zealand’s national median weekly rent fell by $5 (0.8%) from February to March 2025, settling at $635. Compared to March 2024, the national rent is down 2.3%, translating to annual savings of nearly $800.
“Compared to March 2024, tenants are saving an average of $15 a week, which would add up to just under $800 a year,” Lloyd said.
“With a rental market that’s historically favoured landlords, the changing dynamics and cost-saving benefits are sure to be warmly welcomed by renters.”
Regional rents paint mixed picture across the country
Despite the national drop, rents in some regions continue to climb, pushing housing costs to record highs as a share of household income.
Nelson/Tasman recorded a record high median weekly rent of $600 in March, up from $585 in February and $10 higher than March 2024.
“Popularity as a lifestyle destination, coupled with seasonal tourism, can lead to increased demand and limited housing availability,” Lloyd said.
“Additionally, local economic growth may be attracting new residents, further driving up rental prices in the region.”
Otago also saw rents climb to $630 per week, up 5% both month-on-month and year-on-year. The growth is backed by a 16% increase in rental inventory compared to March 2024.
Auckland sees record high for small rentals, large homes decline
In Auckland, where landlords are reportedly offering creative incentives to attract tenants, one- to two-bedroom properties have reached an all-time high, with the median weekly rent rising to $595—up 0.8% year-on-year. However, larger homes are seeing the opposite trend.
Auckland’s five-bedroom-plus rentals dropped 9.2% to $1,080, while Wellington saw a similar dip of 8.7%, down to $1,050 per week.
Wellington leads urban rent declines nationwide
Urban rental prices in Wellington have softened significantly, leading national declines across several property types:
- Units: Down 7.5% to $490/week
- Townhouses: Down 5.5% to $690/week
- Apartments: Down 4.2% to $570/week
The overall urban rent reduction in Wellington stands at 3.3%, nearly double the declines seen in Auckland (1.6%) and Christchurch (1.9%).
