Number of properties available to rent up 24% compared to a year ago, with the average asking rent down $20 a week
The rental housing market moved further in renters’ favour in September, with the number of available rental properties increasing while asking rents declined.
Property website Realestate.co.nz received 6401 new rental listings in September, up 18% compared to September last year.
That pushed the total number of properties advertised for rent on Realestate.co.nz to 8224, up 23.6%.
In some districts, the increase in supply is huge, with the biggest increases occurring on the West Coast up 133%, Hawke’s Bay 109%, Wellington Region up 106%, and Wairarapa up 100%.
“Across the motu, rental stock is in plentiful supply,” Realestate.co.nz said in its September rental report.
While the number of properties available to rent is going up, the asking rents are coming down.
The average advertised asking rent on Realestate.co.nz was $624 a week in September, down by $20 a week (-3.1%) compared to September last year.
Realestate.co.nz spokesperson Vanessa Williams said it was a “market of choice” for renters at present.
“There’s a lot of choice for renters at present, which makes it a great time for anyone looking to upgrade their rental home or explore a new neighbourhood,” Williams said.
“We’ve seen rental property owners and investors hold on to their properties and keep them in the rental pool for longer, driving stock levels up and bringing prices [rents] down,” she said.
“This has given tenants greater negotiating power,” she added.
