New data from late 2025 and early 2026 paints a nuanced picture of New Zealand’s residential rental market, with average rents easing and available rental stock rising, giving renters more choice while markets continue to adjust following several years of heightened demand.
National Rental Prices Easing
According to property listing data covering December 2025, the national average weekly rent fell 2.4% year-on-year to $626 per week, with more regions recording declines compared with the previous year.
Several areas saw notable softness:
- Coromandel rents dropped sharply by 41% from the prior year.
- Wellington and Hawke’s Bay saw rents fall by 8.4% and 7.5% respectively.
Despite these declines, premium lifestyle markets like Central Otago/Lakes District maintained high rent levels, with weekly rents around $891, significantly above national averages.
More Listings, Greater Choice
Total rental listings increased significantly as of December 2025, with 5,349 properties available — up nearly 20% from a year earlier. Regions such as Wairarapa, Nelson & Bays, and Hawke’s Bay saw substantial growth in stock, indicating more choice for prospective tenants.
National rental stock was up about 15.9% year-on-year, pointing to a broader availability of homes for rent than seen in recent years.
Regional Market Activity
Separate market reports indicate that major centres such as Auckland maintained balanced leasing conditions, with properties leasing quickly when well presented and priced competitively.
In Wellington, there are expectations of a rental market recovery with tenant activity increasing as 2026 progresses, following a year in which median rents retreated.
Interpretation for Investors and Landlords
The softening in average rents and rising rental listings suggest a shift from seller’s market dynamics toward a more balanced rental environment. Increased supply gives tenants greater negotiation power, and investors may need to focus more on property presentation and competitive pricing.
For regions with persistent high rents — such as Central Otago/Lakes — the divergence highlights the importance of localised market strategies rather than national averages.