Residential rents finished summer on a decidedly flat note and have been more or less unchanged for the last 12 months.
According to bond data from Tenancy Services, the national median rent for all dwelling types was $600 a week in February, unchanged from February last year.
In fact the national median rent has been stuck on $600 a week almost continuously since December 2023. That's apart from January 2024 when it increased slightly to $608, only to drop back to $600 the following month, and in January this year when it jumped to $620, only to drop back to $600 in February.
The regional figures paint a similar picture.
In Auckland, which is the country's largest rental market, the median rent has been stuck on $650 a week since July last year and is now back where it was at the beginning of last year.
In Canterbury the median rent declined for the second month in a row to $545 in February and has remained in a fairly narrow range since the beginning of last year. The table below shows the monthly rental movements in the six main centres since the beginning of last year.
Overall, the figures suggest very little if any rental growth for the last 12 months or more.
Given current economic uncertainties, tenants may be relieved that at least their rents are not going up, while landlords might be thankful they appear to be holding at current levels, at least for the time being.
The comment stream on this article is now closed.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.