Renter enquiry cools from records but remains well ahead of 2025.
Renter demand in Auckland and nearby regions stepped back from recent peaks in April but remained significantly stronger than a year earlier, according to Barfoot & Thompson’s latest Monthly Rental Market Update.
The agency received more than 24,450 enquiries about properties for rent during the month, down from a recent peak of over 32,000, but still 25.4% higher than in April 2025.
Viewing and application activity followed the same pattern, easing from March but remaining 12.1% and 19.4% higher respectively than a year earlier. A total of 574 properties were let, up 9.1% year-on-year.
Seasonal slowdown after strong start to the year
Anil Anna (pictured), general manager property management at Barfoot & Thompson, said the moderation was expected after several busy months and a crowded holiday calendar.
“Many households looking to settle into a new home at the start of the year will now have done so, while ongoing economic uncertainty and cost of living pressures could be making people more cautious about moving,” Anna said.
The combination of school holidays, Easter, and ANZAC Day compressed activity into fewer trading days, adding to the softer month-on-month numbers. However, the company’s figures suggest underlying demand remains firm compared with 2025, particularly from renters focused on value rather than speed.
The softer rental activity is also occurring against a cooler housing market, with subdued sales, flat national values, and growing concern that mortgage rate pressure could build later in 2026.
Property investors remain cautious, with more looking to sell than buy, and planned rent increases easing as high rental supply meets relatively weaker tenant demand.
Affordability, realistic pricing shape tenant decisions
Pricing conditions across Auckland, Northland, and Bay of Plenty were largely steady in April, underlining the role of budgets in tenant decision-making. In Auckland, the average weekly rent was virtually unchanged at $696.29, slipping 46 cents from March and rising by less than 1% over the year.
“While renter engagement remains well ahead of where it was this time last year, affordability is playing a big role in renters’ price expectations and decision-making,” Anna said.
More than 70% of properties were rented at their initial advertised price, the highest proportion in two years. According to Anna, “landlords who price realistically from the start are generally seeing stronger engagement and faster results, which can be especially important as renter demand levels off.”
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