Wellington rents drop, while national market softens

The national median weekly rent has held steady at $620 for September - however this is a slight drop of 1.6 per cent compared to the same time last year.

"The nationwide drop is consistent with an overall increase in rental properties becoming available," Ms Wylde noted. "We have seen a 6.3 per cent year-on-year increase in new listings nationally, which is putting downward pressure on prices."

While overall national demand is down one per cent year-on-year, Ms Wylde pointed out that this drop conceals significant regional variations.

"While demand is down overall by one per cent, we're seeing strong pockets of interest emerge," Ms Wylde said. "For instance, Hawke’s Bay saw a massive 28 per cent jump in interest in September, showing that while some regions are cooling, others are heating up - especially as we head into the warmer months."

This increased supply, combined with the marginal overall drop in national searches, suggests that the balance of power favours tenants across the motu.

Casey Wylde added that the seasonal shift is likely contributing to the market dynamics. "As we head into spring, tenants start shaking off the winter chill and thinking about moving.

"It’s a natural time for people to look for a change, which means we often see a bit of extra activity and competition picking up as the weather improves."

Alongside Wellington, Northland (-6.5%), Marlborough (-3.4%) and Hawke’s Bay (-3.1%) recorded the most significant falls in rent year-on-year.

Auckland's median weekly rent saw a 1.5 per cent year-on-year drop to $660, showing a slow but steady decline.

In contrast, Canterbury’s median rent increased 1.8 per cent over the same period, the only one of 15 regions Trade Me Property monitors for rent to increase when compared to September 2024.