Sarah Wood (pictured), CEO of realestate.co.nz, says the spike in supply reflects a mix of factors – including more Kiwis moving to Australia and landlords choosing to re‑let rather than sell.
“We know New Zealand’s net migration loss to Australia has reached a 12-year high, and the majority of those moving have been in the prime tenant demographic – 20-39-year-olds,” Wood said. “While this surge in supply of rental properties presents clear opportunities for renters remaining in New Zealand, it’s also creating a market that landlords and investors will need to navigate carefully.”
A recent Crockers Property Management & Tony Alexander survey shows a net 43% of landlords now say they are struggling to find suitable tenants – the highest level on record – underlining how quickly the balance between supply, demand, and tenant quality expectations is shifting.
Record number of rentals in key regions
The lift in supply is not confined to the main centres. Several regional markets hit all‑time highs for new rental listings in November:
Hawke’s Bay: up 176% year-on-year to 127 new listings
Manawatu/Whanganui: 32.5% increase, with 363 new listings
Waikato: 12.3% rise to 783 properties
Wairarapa: 52.7% jump to 84 new listings
“To see all-time highs in new rental listings across four regional markets during the same month is significant,” Wood said.