{"id":603964,"date":"2026-09-18T05:14:24","date_gmt":"2026-09-18T05:14:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/603964\/"},"modified":"2026-09-18T05:14:24","modified_gmt":"2026-09-18T05:14:24","slug":"despite-surge-in-properties-being-rented-in-july-the-median-rent-fell","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/603964\/","title":{"rendered":"Despite surge in properties being rented in July the median rent fell"},"content":{"rendered":"

Despite a surge in the number of newly tenanted residential rental properties in July, median rents declined.<\/p>\n

The latest bond data from Tenancy Services shows 15,246 new tenancy bonds were received from throughout the country in July, up 14.5% from June, and up 12.5% versus July last year.<\/p>\n

At the same time the median rent for those properties declined for the second month in a row to $590 a week, down from $600 a week in May and $595 in June.<\/p>\n

That took the national median rent being charged on newly tenanted properties back to where it was in July last year.<\/p>\n

July is usually a reasonably busy month for new tenancies, but the number of bonds received for tenancies starting in July this year was at a 10-year high for the month of July.<\/p>\n

The high number of new tenancies being signed up combined with a slight decline in the median rent, suggests there is a good supply of rental properties available, giving potential tenants plenty of choice.<\/p>\n

That also showed up as a surge in new rental listings<\/a> on property website Realestate.co.nz.<\/p>\n

There could be several reasons for the increase in the supply of rental properties, including:<\/p>\n

Rising construction of new homes<\/a>, many of which end up in the rental pool when completed.Existing homeowners choosing to keep a home and rent it out rather than sell into a soft resale housing market.Relatively robust first home buyer activity, many of who will give up a rental property to move into their own home.<\/p>\n

The latest figures suggest that on average, there has been no significant rental growth for almost three years, and some landlords may have had to accept a small reduction in rental income to re-let a property after a period of vacancy.<\/p>\n

<\/p>\n

\u00a0<\/p>\n

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