Demand outpaced listings in April
New Zealand’s national median weekly rent rose for the first time this year in April, climbing $5 to $625, according to the latest Trade Me Property Rental Price Index released Tuesday.
The increase marks the first month-on-month rise since November 2025. Despite the uptick, rents remain $5 lower than the same period last year – a gap that may soon close, according to the report.
Trade Me Property spokesperson Casey Wylde (pictured) said a widening gap between supply and demand was driving renewed pressure on the market.
“Nationally, the number of rental properties available was down 5% in April compared to last year, while demand was up 8%. This is creating a more competitive environment for tenants, and we expect this to put upward pressure on prices in the coming months,” Wylde said.
Regions tighten, cities soften
Regional markets are bearing the brunt of the squeeze. Otago recorded the largest annual increase nationally, with its median weekly rent rising $40 to $640. Bay of Plenty held its position as the country’s most expensive rental region for the third consecutive month, with a median of $670 – up $10 on last year.
“The supply and demand dynamic explains a lot of this,” Wylde said. “In Taranaki, for example, a 30% increase in new listings has kept prices flat, with no growth compared to last year. On the flip side, an 8% drop in supply for Otago has pushed prices up, showing how sensitive regional markets are to the number of available homes – especially in these smaller regions.”
In contrast, New Zealand’s largest cities continued to see annual rent declines. Auckland’s median weekly rent fell $10 to $660, while Wellington dropped $40 to $600. Gisborne saw the steepest annual decline, falling about $55 to $630.
“While Gisborne has seen a temporary increase in listings which has provided relief for renters, the broader national trend points towards a tightening market. Where supply is constrained, landlords will have less need to lower their prices,” Wylde said.
Source: Trade Me
Family homes hit record
Christchurch families faced a sharper squeeze, with the median weekly rent for three-to-four-bedroom homes reaching a record $660.
“While the broader rental market is cooling down, it’s a very different story for families needing more room,” Wylde said. “Quality family homes are still highly sought after. In Christchurch especially, demand for these mid-to-large-sized houses is so strong that we’re seeing prices hit new peaks.”
Nationally, rents for five-or-more-bedroom homes continued to rise, while one-to-two-bedroom properties remained flat year-on-year.
