The number of residential properties available to rent is increasing while the average asking rent is decreasing, according to the latest data from property website Realestate.co.nz.
The website received 7108 new rental listings across the entire country in July, which was up 16.2% compared to July last year.
Around the regions, the biggest increases in properties for rent compared to a year ago were in Wellington, where they almost doubled (up 93%), followed by the West Coast up 75% and Otago up 63%.
In Auckland, the country’s largest rental market, new listings were up 5.7% compared to July last year.
The first chart below shows the regional listing figures and their annual change in all regions.
Perhaps not surprisingly, while the number of properties available to rent was up compared to a year earlier, their average asking rent declined.
The national average asking rent on Realestate.co.nz declined from $649 a week in July last year to $638 in July this year (-1.7%).
The biggest decline was on the Coromandel, where the average asking rent declined from $772 a week in July last year to $547 in July this year (-29%), followed by the Wellington region where the average asking rent declined from $690 a week in July last year to $611 in July this year (-11.6%) – the second table below shows the annual movement in asking rents by region.
