Rental Listings Soar To Highest In Over A Decade

New data reveals that Trade Me Property rental listings have hit a more than 10-year high.

Year-on-year comparisons show rental listings to be up by 41 per cent in March 2025, with inventory at the highest it’s been since early 2014.

Trade Me Property Customer Director, Gavin Lloyd says “those seeking residential rental accommodation should feel empowered, there’s a wider range of options available and tenants have more negotiating power than they have had in years.”

National rent down in March

The national median weekly rent in March fell 0.8 per cent or $5 on February to $635, and is down 2.3 per cent year-on-year.

“Compared to March 2024, tenants are saving an average of $15 a week, which would add up to just under $800 a year.

“With a rental market that’s historically favored landlords, the changing dynamics and cost-saving benefits are sure to be warmly welcomed by renters.”

Rental price variance across the country

Gavin Lloyd says despite the nationwide fall in the national median, tenants in some regions may feel hard done by.

“Nelson/Tasman's median weekly rent reached a new record high of $600 in March, up from $585 in February and $10 on March 2024.

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“Popularity as a lifestyle destination, coupled with seasonal tourism, can lead to increased demand and limited housing availability. Additionally, local economic growth may be attracting new residents, further driving up rental prices in the region.”

Otago has also experienced a notable surge with the median weekly rent in the region sitting at $630, up five per cent both month-on-month and year-on-year.

This growth is further underscored by Otago’s current inventory, which is up 16 per cent on March 2024.

Small properties in Auckland hit record rent high

One to two bedroom properties in Tāmaki Makaurau have reached an all time high, with the median rental price increasing 0.8 per cent year-on-year, now standing at $595 a week.

On the flip side, Auckland's 5+ bedroom properties are experiencing a steep decline, sliding 9.2 per cent to $1,080 a week.

Wellington mirrors this trend, with a decrease of 8.7 per cent in 5+ bedroom property rentals, bringing the median weekly price to $1,050.

Wellington Leads Urban Rental Decline

In Wellington, units have dropped by 7.5 per cent to $490 per week, townhouses by 5.5 per cent to $690, and apartments by 4.2 per cent to $570.

This combined decrease of 3.3 per cent in Wellington's urban rentals nearly doubles the reductions seen in Auckland (1.6%) and Christchurch (1.9%).

March 2025

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