Renters are, on average, $1,400 better off per year than they were this time last year as national weekly rental prices continue to trend down. New data from realestate.co.nz shows the national average rent in May 2025 fell to $633 per week, a drop of $27 per week, or 4.1 per cent, compared to the same time last year.

“A saving of $27 per week works out to be an extra $1,400 per year, and this could help renters set more money aside – whether that’s for buying a home or something else they’ve been dreaming about,” said Vanessa Williams, spokesperson for realestate.co.nz.

In May, the national average rental price was at the lowest it's been since December 2023, reflecting a softening in rental prices over the last 12 months.

Across the motu, 15 of our 19 regions saw a year-on-year decrease in rental prices. The biggest drops were in Coromandel (down 16.6 per cent to $571) and Wellington (down 13.5 per cent to $624).

“Easing prices across the country may give renters some extra breathing room,” said Williams.

Nelson and Bays, Otago, and Southland buck the trend

Nelson and Bays, Otago, and Southland were the only three regions to buck the trend with year-on-year increases in average weekly rental prices.

Otago recorded an all-time high of $699 per week, a 10.8 per cent year-on-year increase. Nelson and Bays increased 7.0 per cent year-on-year to $589 per week, while Southland added to the South Island’s dominance with a 4.4 per cent year-on-year increase to $475 per week.

Williams says this signals the variation between regions.

“There are many factors that impact rental prices in a region. Sometimes it's supply, other times it's demand, driven by population growth or seasonal shifts. It's a reminder that national trends don’t always tell the full story on the ground."

New rental listings hit all-time high

For the first time in almost a decade, over 7,000 listings (7,187) hit realestate.co.nz last month, a 21.3 per cent increase from the same time last year. Just one region (Coromandel) reported a year-on-year decrease in new rental listings (down 24.1 per cent to 22 new rental listings) all other regions saw growth.

The biggest year-on-year increases in new listings on the site were in Wellington (up 87.0 per cent to 645 listings), Southland (up 86.9 per cent year-on-year to 114 listings) and Hawke’s Bay (up 75.9 per cent to 102 listings).

Wairarapa also recorded an all-time high since realestate.co.nz records began with 70 new rental listings coming onto the site in May, a year-on-year increase of 40 per cent.

“We’re seeing a clear rise in rental listings across the country, and the result is a more competitive market.

“With more listings to choose from and prices falling, it’s a great time to be looking. Renters, play your hand,” urged Williams.