The average weekly rent bill has lowered as food prices crept up in the year to the end of September.
According to figures collated by realestate.co.nz, the national average weekly rental price is down 3.2 per cent year-on-year to $628, as Stats NZ revealed food prices had increased 4.1 per cent in the 12 months to September 30.
Vanessa Williams, spokesperson for realestate.co.nz, says declining rents give tenants a rare spot of relief, but for landlords it signals tighter conditions.
“The fact that average rental prices are down nationally tells us the rental market is going in a different direction from the broader cost-of-living pressure, which is certainly welcome news for tenants.
“But for landlords, that means despite being hit with rising living costs, they may not be able to command the higher rental prices they would like.”
New rental listings were up by 11.4 per cent across the country in October compared to the previous year, while stock was also up by 21.2 per cent.
“Renters have plenty of choice right now, which landlords need to keep in mind,” says Williams.
“Anecdotally, we’re hearing some landlords are increasing prices, but if their tenants move out, they may need to reduce the price to secure new tenants.”
In Auckland, the average rental price was down 3.4 per cent by October end to $683 a week.
Williams says seven of the nine districts that make up the Auckland region experienced declining weekly rental prices of between -2.4 per cent (Rodney) and -4.3 per cent (Auckland City).
Waiheke recorded a sizable 20.8 per cent decline in average weekly rent, falling from $810 per week in October 2024 to $641 in October 2025.
