For the first time in years, Auckland is no longer New Zealand’s most expensive rental region—a title now held by the Bay of Plenty. With more rental properties available and changing demand, Auckland’s average rents have been easing, hitting an eight-month low according to recent data from Trade Me. Here’s what’s happening in Auckland’s rental market right now.
Auckland’s Rental Prices at an Eight-Month Low
Auckland’s rental prices have been on a steady decline for the past eight months, reaching an average of $675 per week in October. While rents are still a bit higher than last year (around 3.2%), this drop signals a notable shift in the city’s rental market.
Why Are Rents Falling?
There are a few key reasons why Auckland’s rental prices are trending down:
- More Rentals Available: With a record number of properties available, tenants have more choice than they’ve had in years.
- Fewer Young Renters: Many young people are leaving New Zealand or choosing to stay with family as unemployment rises and the cost of living remains high.
As Auckland’s rents cool, the Bay of Plenty has now taken over as the most expensive rental region in the country, with a median weekly rent of $680. This shift highlights the changing dynamics of New Zealand’s rental markets, where demand and cost pressures vary significantly by region.
Auckland’s rental market is changing, and both renters and property owners will need to adjust. If you have questions about what these shifts mean for you, reach out to our Angels today! We’re here to help you navigate Auckland’s evolving rental market with confidence.