National advertised rents declined in February while the number of properties advertised for rent increased
Average asking rents continued to decline in February, according to the latest figures from property website Realestate.co.nz.
The national average asking rent for properties advertised on the website in February was $629 a week, down from $634 in January and $642 in February last year and $651 in February 2024.
That’s a decline of $22 a week over the last two years, which will be good news for renters but will also mean less rental income for landlords.
The biggest decline last month was in the Wellington Region, where the average advertised rent dropped to $625 in February from $659 in January.
The average advertised rent in Wellington was $106 a week lower in February this year than it was two years ago in February 2024.
In Auckland, the country’s largest rental market by far, the average advertised rent dropped slightly from $686 in January to $682 in February.
However, the average advertised rent in Auckland was down by $37 a week compared to February 2024.
Notable exceptions to the trend of falling rents were several holiday hotspots, with advertised rents rising in February compared to January in Coromandel, up by $32 a week, Central North Island (which includes Taupo), up by $17 a week and Central Otago up by $76 a week.
However, while rents continue to soften at the national level, the number of properties available to rent is going up.
There were 7504 properties advertised for rent on Realestate.co.nz at the end of February this year, up by 6.2% compared to the same time last year.
That suggests the current softness in the residential rental market will continue as it heads into the autumn season.
