New Zealand rents have recorded their first annual increase in 18 months, with tightening rental supply and increasing demand signalling fresh pressure for tenants.
The latest Trade Me Property Rental Price Index shows the national median weekly rent reached $625 in August, up $5 a week compared with August last year. It is the first year-on-year increase since January 2025, following 18 months of flat or declining rents.
The change comes as rental supply tightens. New listings nationally were down 4 percent year-on-year, while renter demand increased 3 percent compared with August 2025. Trade Me says the combination will be closely watched heading into the traditionally busier summer rental period.
Otago has emerged as the country’s most expensive rental region, with its median weekly rent jumping almost 8 percent in a month to $700. That puts it ahead of Tāmaki Makaurau-Auckland and Bay of Plenty, which both recorded median rents of $660.
Otago also recorded the country’s largest annual decline in new rental listings, falling almost 15 percent, while demand increased 5 percent. Trade Me says seasonal factors including the ski season and student housing cycle influence the region, but current demand is outstripping available supply.
Canterbury also reached a new record, with its median weekly rent climbing to $600, while Wellington increased by around $10 compared with a year earlier to $600.
The greatest pressure nationally is being felt in larger homes. Properties with five or more bedrooms climbed almost 9 percent year-on-year to $1,100 a week, with strong demand from groups and multi-generational households looking to share housing costs.
The latest figures suggest the period of falling national rents may be ending, bringing renewed attention to housing affordability as households continue to manage wider cost-of-living pressures.
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