Residential rents are dropping around the country, while the number of rental properties being advertised is the highest it has been in more than 10 years.
According to the latest figures from Trade Me Property, the number of residential properties available to rent on the website in March was up 41% compared to March last year, and at its highest point since early 2014.
At the same time, the national median weekly asking rent for the properties advertised on the website declined by $5 a week in March from February (-0.8%). It was also $15 a week lower (-2.3%) than March last year, giving tenants a saving of just under $800 a year.
The biggest annual declines in asking rents were in Taranaki -4.8%, Hawke's Bay -3.1% and Canterbury -1.8%.
Auckland posted a -1.4% annual decline, while Wellington's median rent was unchanged from a year ago.
Three regions went against the trend and posted annual increases - Otago +5.0% , Waikato +2.7% and Nelson/Tasman +1.7%. See the chart below for the full regional figures.
"Those seeking residential rental accommodation should feel empowered, there's a wider range of options available and tenants have more negotiating power than they have had in years, Trade Me Property Customer Director Gavin Lloyd said.
"With a rental market that's historically favoured landlords, the changing dynamics and cost saving benefits are sure to be warmly welcomed by renters," he said.
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