The number of new rental listings are now up 18% on year, according to new data from Realestate.co.nz.
Hawke’s Bay, which was up 87% stood out amongst the regions along with the central North Island (71.9%), Marlborough (71.4%), and Nelson & Bays (70.3%).
The total number of rental stock across the country is up 23.6% on September last year – and has jumped from 6555 properties to 8224 properties.
Realestate.co.nz said this increase in numbers has been most noticeable in the West Coast (133.3%), Hawke’s Bay (108.9%), Wellington (105.9%) and Wairarapa (100%) regions.
The fresh data follows the trend of the number of rentals continuing to increase this year. In April, 1News reported the number of rental listings were the highest in a decade.
At the time, NZ Property Investors Federation said a lot of landlords were struggling to find tenants, meaning a lot were putting down rents as a result. Spokesperson, Matt Ball, said in April: “It’s better to have someone in at a lower rent than to have an empty property sitting there waiting.”
On the latest numbers, Realestate.co.nz spokesperson Vanessa Williams said it was a “market of choice” for renters at the moment.
“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.
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Average rent price slightly down, some areas up
The average rental price across the country fell 3.1% in September to $624 per week.
In September 2024, the average price was $644 per week.
Williams said rental property owners and investors have held onto their properties and “keep them in the general 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 have previously gone to rent.”
Despite the general fall in rent across the country, the central North Island bucked the trend, and was up 10.4% from a year ago.
In September 2025, the region reported an average rent of $602 per week compared to $545 a year ago.
Nelson & Bays and Waikato also had increases, up to $590 and $575 respectively, compared with $560 and $556 last year.
Williams said this was a reminder New Zealand’s rental market wasn’t moving in one direction.
“Factors like regional growth, employment opportunities, and lifestyle appeal are keeping rents buoyant in certain areas, even as they ease elsewhere.”
