According to Trade Me Property, there is currently an oversupply of rental properties, leading to a decrease in asking rents. In November, the number of properties listed for rent on the website increased by 36% compared to the same month last year and by 4% compared to October. This marks the highest level of rental listings on the site since 2019.
The median advertised rent in November was $630 per week, which reflects and decrease of 5% from October.
The most significant declines in rent percentages in November, compared to October, were seen in Gisborne (-7.9%), Otago (-7.7%), Marlborough (-6.0%), and Hawke’s Bay (-3.1%). In Auckland, New Zealand’s largest rental market, the median advertised rent fell by 0.7% in November. For a detailed view of regional figures, please see the chart below.
Gavin Lloyd, Customer Director at Trade Me Property, stated, “As a result of the oversupply, landlords may need to adjust their rent price expectations to align with the current market, which continues to favor tenants.”
Source from interest.co.nz: https://www.interest.co.nz/property/131338/trade-me-property-says-residential-landlords-may-need-reduce-their-asking-rents-due
The opinions and research contained in this article are provided for information purposes only, are intended to be general in nature, and do not take into account your financial situation or goals.
