Renters are, on average, $1400 better off per year than they were this time last year as national weekly rental prices continue to trend down. New data from realestate.co.nz shows the national average rent in May 2025 fell to $633 per week, a drop of $27 per week, or 4.1 percent, compared to the same time last year.
In May 2025, the national average rental price was at the lowest it’s been since December 2023.
Fifteen of New Zealand’s 19 regions saw a year-on-year decrease in rental prices. The biggest drops were in Coromandel (down 16.6 percent to $571) and Wellington (down 13.5 percent to $624).
Nelson & Bays, Otago, and Southland were the only three regions to buck the trend. Otago recorded an all-time high of $699 per week, a 10.8 percent year-on-year increase. Nelson & Bays increased seven percent year-on-year to $589 per week, while Southland added to the South Island’s dominance with a 4.4 percent year-on-year increase to $475 per week.
For the first time in almost a decade, over 7,000 listings (7,187) hit realestate.co.nz in May, a 21.3 percent increase from the same time last year. Just one region (Coromandel) reported a year-on-year decrease in new rental listings (down 24.1 percent to 22 new rental listings) all other regions saw increases in available properties.
The biggest year-on-year increases in new listings on the site were in Wellington (up 87 percent to 645 listings), Southland (up 86.9 percent year-on-year to 114 listings) and Hawke’s Bay (up 75.9 percent to 102 listings).
Wairarapa also recorded an all-time high since realestate.co.nz records began with 70 new rental listings coming onto the site in May, a year-on-year increase of 40 percent.
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