Vanessa Williams (pictured), spokesperson for realestate.co.nz, said the figures mark a clear divergence between rental costs and broader inflation pressures.
“The fact that average rental prices are down nationally tells us the rental market is going in a different direction from the broader cost-of-living pressure, which is certainly welcome news for tenants,” Williams said.
“But for landlords, that means despite being hit with rising living costs, they may not be able to command the higher rental prices they would like.”
Listings rise as rental supply outpaces demand
The national number of new rental listings climbed 11.4% year-on-year in October 2025 to 6,750, with overall stock up 21.2%.
“Renters have plenty of choice right now, which landlords need to keep in mind,” Williams said.