Regional rental listings surge as national average weekly rent falls

September 2025 - The New Zealand Property Report: Rental

Key takeaways:

• New rental listings hit 6,401, up 18.1% year-on-year
• Average rental price down 3.1% to $624/week, compared to $644/week in September 2024.
• Rental stock in plentiful supply, up 23.6% year-on-year to 8,224 properties.

Renters wanting a new pad for summer are spoilt for choice. Latest data from realestate.co.nz reveals the number of new rental listings in September was up 18% on the same time last year. 

Hawke’s Bay, in particular, recorded a surge in available rental properties, up 87% on September 2024, followed by Central North Island (71.9%), Marlborough (71.4%), and Nelson & Bays (70.3%).  

Vanessa Williams, spokesperson for realestate.co.nz, says it is a market of choice for renters at present, providing a window of opportunity for them to explore their options.  

“There’s a lot of choice on the market at present, which makes it a great time for anyone looking to upgrade their rental home or explore a new neighbourhood they might be thinking about purchasing in down the track,” she said.  

“What’s more, this market of choice comes with a drop in average rental prices, making it an opportune time for those wanting to take the first step to first home ownership to add to their deposit. For long-term renters, this drop gives them more options to secure a property that reflects their lifestyle.” 

Average weekly rental falls by the price of a Netflix subscription 

In September, New Zealand’s average rental price fell 3.1% to $624/week, compared to $644/week in September 2024.  

Williams says the decline in the national average rental price is an ongoing reflection of high stock levels.  

“We’ve seen rental property owners and investors hold onto their properties and keep them in the rental pool for longer, driving stock levels up and bringing prices down. This has given tenants greater negotiating power and the opportunity to add to their savings or first home deposit with money that would previously have gone into rent. That $20 difference can be put aside or enjoyed, whether that is in the form of weekly coffees or a Netflix subscription.”    

Central North Island leads the regions bucking the trend of falling weekly rents 

Central North Island has bucked the trend of falling weekly rents, with an increase of 10.4% from a year ago. In September 2025, the region reported an average rent of $602/week compared to $545/week in 2024. 

Nelson & Bays saw an average rental price increase of 5.3% year-on-year, up from $560/week in September 2024 to $590 in September 2025, while Waikato’s average rental price climbed from $556 in September 2024 to $575/week in September 2025.  

Williams says while national averages suggest a softening, some regions continue to show strong local demand. 

“What we’re seeing is a reminder that New Zealand’s rental market isn’t moving in one direction,” says Williams. “Factors like regional growth, employment opportunities, and lifestyle appeal are keeping rents buoyant in certain areas, even as they ease elsewhere.” 

Rental stock surges in September compared to last year 

Across the motu, rental stock is in plentiful supply, up 23.6% on September last year, from 6,655 properties listed on realestate.co.nz to 8,224 properties. This surge has been most noticeable in West Coast (133.3%), Hawke’s Bay (108.9%), Wellington (105.9%) and Wairarapa (100.0%), with all four regions reporting at least double the rental stock than this time a year ago.   

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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