Kiwis paying more at the supermarket, but less on rent

October 2025 - The New Zealand Property Report: Rental

Key takeaways:

• 3.2% year-on-year decline in national average weekly rental price
• New listings up 11.4% year-on-year to 6,750
• Waikato hit a record high month of new rental listings with 743 properties

Latest data from realestate.co.nz reveals the national average weekly rental price is down 3.2% year-on-year to $628. This is good news for renters nationally after Stats NZ reported food prices had increased 4.1% in the 12 months to September 2025.  

Vanessa Williams, spokesperson for realestate.co.nz, says declining rents give tenants a rare spot of relief, but for landlords it signals tighter conditions.  

“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. 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.” 

Nationally, new rental listings were up by 11.4% in October 2025 compared to the previous year, while stock was also up by 21.2%.  

“Renters have plenty of choice right now, which landlords need to keep in mind,” says Williams. "Anecdotally, we are hearing some landlords are increasing prices, but if their tenants move out, they may need to reduce the price to secure new tenants.” 

What’s happening with rental prices in our main centres?

Waikato’s average rental price fell slightly in October, dropping 1.7% to $566 compared to the same time last year but the region hit a record high of new listings with 743 homes hitting the market for rent during October, up 16.1% year-on-year. At a district level, these year-on-year increases were driven by South Waikato (up 50.0%), Waikato (up 26.1%), and Hamilton City (up 21.8%).  

“Now could be a good time to move to the region, with Hamilton recently awarded the title as New Zealand’s fastest growing city for the third year in a row,” remarks Williams.

Wind knocked out of City of Sails'  average weekly rent

In Auckland, the average rental price was down 3.4% on October 2025 to $683/week.  Seven of the nine districts that make up the Auckland region experienced declining weekly rental prices of between -2.4% (Rodney) and -4.3% (Auckland City), with Waiheke recording a sizable 20.8% decline in average weekly rent, falling from $810 per week in October 2024 to $641 per week in October 2025.  

Wellington awash with new rental listings

In the capital, prices were down in all parts of the city. The biggest year-on-year decreases were recorded in Upper Hutt (11.5%), Wellington City (10.9%) and Lower Hutt (8.9%).  

New listings were up significantly in all parts of Wellington too, with the biggest increase seen in Lower Hutt (101.8% increase). Wellington City had 75.3% more new listings than in October 2024, while Upper Hutt recorded a year-on-year increase of new listings of 56.7%.

“This is a classic case of supply and demand," says Williams. “When rental supply lifts sharply, as we’ve seen across Wellington, it gives tenants more choice and negotiating power. Increased competition among landlords is likely contributing to the downward pressure on prices.”

Canterbury sees pockets of rental price growth

In the South, there was a nominal change to Canterbury’s average rental price of $586 per week, up just $1 from 12 months prior. This was despite new listings being up 10.0% year-on-year and stock being up 21.8% on October 2024.

Across the region, Hurunui recorded the highest increase in average rental price, 25.7% up on October last year, followed by Banks Peninsula with an increase of 16.3%. The highest number of new listings was also found in Banks Peninsula, with 66.7% more listings on the market than same time last year, followed by Timaru (55.6% more listings) and Waimate (50% increase in new listings).

“As continues to be the case, regional variation is strong, which makes it particularly important for landlords to understand what’s driving demand locally,” says Williams. 

“In some regions of the motu, increased supply is softening prices, while in others, stable or rising rents reflect ongoing competition for homes. Setting the right rental price is about more than national trends and requires a close look at local conditions and tenant expectations.” 

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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