Falling rents across New Zealand 2025

The story so far

New Zealand rents have been falling, with national median rents recording their first annual decline since late 2009, led by drops in Auckland and Wellington.^{24 Jul 2025} Rents fell in Wellington, Christchurch and Auckland in the months that followed, with Wellington showing the steepest drop at 14.6 per cent year-on-year, while Dunedin student rents rose 12.2 per cent despite more listings.^{6 Aug 2025} Trade Me data put the national median weekly rent at $620 in July, down 3 per cent, as supply grew and demand fell, with Wellington asking rents down 7.7 per cent to $600.^{15 Aug 2025} Realestate.co.nz data showed the national average weekly rent at $628 in August, down 3 per cent on the previous year, while rental listings rose 16 per cent and Wellington prices fell 11.8 per cent.^{8 Sep 2025} In Wellington, a surplus of vacant rental properties has shifted bargaining power toward tenants, with median rents down 8.5 per cent year-on-year to $595 a week and landlords offering incentives to attract renters.^{26 Sep 2025}

Latest

The most recent report says a surplus of vacant Wellington rentals has led landlords to offer incentives to attract tenants.^{26 Sep 2025} Wellington median rents were reported down 8.5 per cent year-on-year to $595 a week in late September.^{26 Sep 2025}

Key moments

1. 24 Jul 2025National median rents fall for first time since 2009, per Cotality.
2. 6 Aug 2025Wellington student rents drop 14.6%; Dunedin rents rise 12.2%.
3. 15 Aug 2025National median weekly rent falls to $620 in July.
4. 8 Sep 2025Average weekly rent falls to $628, lowest since 2023; listings up 16%.
5. 26 Sep 2025Wellington vacancy surplus gives tenants more leverage; landlords offer incentives.

Written from the stories below; each sentence links to its sources.