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Rental supply tightens in October
Rental Price Index - October 2026
By Gavin Lloyd 11 November 2026The national median rent reached $625 per week in October, up 0.8 per cent from September and 2.5 per cent year-on-year, marking the fastest annual growth since 2024.
Auckland rents reached $660, up 1.5 per cent year-on-year for the region's first annual gain in close to two years, while Wellington held flat at $600.
Tenant demand continued to outstrip available supply. Nationally, rental demand sat 15 per cent higher than in October 2025, while new rental listings fell nearly 7 per cent. Canterbury experienced the widest imbalance, with demand up 20 per cent and supply down 10 per cent year-on-year. Auckland followed a similar pattern, with demand rising 17 per cent against a 7.5 per cent drop in new listings.
“Tenant demand is running hot, sending a clear signal to investors weighing a purchase,” says Lloyd. “With property prices where they are, the numbers are starting to add up again.”
Rent across the motu in October.
The lower South leads rental increases
Southland posted the nation's fastest annual rental growth, rising more than 6 per cent (or $30) to $520 per week. Canterbury followed at +3.5 per cent to $590 (after reaching a record $600 in August), while Otago rose 1.6 per cent to $630.
Taranaki (-4.8%) and Marlborough (-4.2%) were the only regions to record notable annual declines, with Bay of Plenty, Hawke’s Bay, and Wellington remaining flat year-on-year.
“Southland saw the highest annual rent growth, yet at $520 a week, it remains the most affordable rental market in the country,” says Lloyd.
Urban properties, including apartments, townhouses, and units, outpaced the broader market, with rents rising nearly 4 per cent year-on-year to a median $570 per week. Wellington townhouses led the segment, surging more than 7 per cent to $675.
“Townhouses and apartments are driving rental performance, especially in Wellington,” adds Lloyd. “Renters are prioritising location and low-maintenance living, and landlords with quality urban stock are reaping the benefits.”
| Region | Rental Price Index | ||
|---|---|---|---|
| Auckland | Auckland | $660 | $660 |
| Bay of Plenty | Bay of Plenty | $650 | $650 |
| Canterbury | Canterbury | $590 | $590 |
| Gisborne | Gisborne | $650 | $650 |
| Hawke's Bay | Hawke's Bay | $630 | $630 |
| Manawatu/Whanganui | Manawatu/Whanganui | $550 | $550 |
| Marlborough | Marlborough | $565 | $565 |
| Nelson/Tasman | Nelson/Tasman | $585 | $585 |
| Northland | Northland | $590 | $590 |
| Otago | Otago | $630 | $630 |
| Southland | Southland | $520 | $520 |
| Taranaki | Taranaki | $595 | $595 |
| Waikato | Waikato | $590 | $590 |
| Wellington | Wellington | $600 | $600 |
| West Coast | West Coast | NA | NA |
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