Photo: RNZ
Renters in two major cities may be paying less than they were a year ago, according to new data.
Figures released by property website realestate.co.nz showed which of our three most populated regions – Wellington, Auckland and Christchurch – had the cheapest rent in February.
Average rents in Wellington were down eight percent to $673 a week compared to February 2024, saving renters an average of $3016 a year.
In Auckland, weekly rents are down 4.1 percent on average to $689, saving an average of $1560 annually.
Spokesperson Vanessa Williams said a high number of rental properties available indicated a more tenant-friendly market.
“The demand has dropped and that gives those looking to rent a little more leverage at the moment.”
But she said those on fixed-term leases could still be paying higher rents.
“Most people are still locked into a rent so rent coming back is really going benefit those looking for a newly rented place in the coming months.”
In Canterbury, average rent prices remained about the same – down just 0.4 percent to $586 per week, with minimal savings of $104 a year, or just $2 per week.
Williams said this could be because rents in Wellington and Auckland increased more steeply during the Covid-19 period.
“The Cantabrians have seen a steadier increase in prices and have therefore seen a softer drop year on year.”
She said housing affordability was still tight across the country, but lower average rents would offer some light relief to people dealing with the pressures of the cost of living.
She said stats NZ’s most recent household income data from June 2024 estimated the proportion of household income spent on rent in February 2025 would be 29.7 percent in Auckland, 29.8 percent in Wellington, and 30.6 percent in Canterbury.
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