Rental slide over as tenant demand outpaces supply

Supply tightened in September, with new rental listings down close to 5 per cent year-on-year and total rental inventory on Trade Me Property down 7 per cent.

Meanwhile, tenant interest has surged with searches and listing views up between 6 and 12 per cent.

Trade Me Property spokesperson Casey Wylde says that imbalance is ramping up competition for available properties, with searches per listing up 20 per cent year-on-year.

“Tenants are out searching in force, but they’re competing for a smaller pool of properties," says Wylde.

"Search activity has grown annually every month since the start of the year. If supply stays tight, that sustained demand will likely put upward pressure on rents coming into summer."

Ten of 14 regions across the motu recorded annual rent increases in September.

Southland led the pack with a 4 per cent annual rise to $500, followed by Marlborough (up 4% to $580), and Northland and Waikato (both up 3% to $600). Hawke’s Bay dropped 3% to $600, while Bay of Plenty dipped 2% to $640.

Auckland’s median rent held flat for the second month in a row at $660, following a year of year-on-year declines.

"Tāmaki Makaurau-Auckland has been the main drag on national figures for much of the past 12 months, so seeing it stabilise is a milestone for the broader market," says Wylde.

Large family homes in Ōtautahi-Christchurch are commanding a premium with the median weekly rent for a 5+ bedroom home in the city reaching $1,110 outpacing Auckland by $110 and Wellington by $190.

"It’s a striking sign of demand for larger family homes in Christchurch," says Wylde.

"The Canterbury region hit a record median rent of $600 in August, and the region has maintained steady annual growth for most of 2026."