Photo: RNZ
Residential rents are falling in most parts of the country with Wellington leading the way down.
Trade Me's latest Rental Price Index for June indicates average Wellington rents dropped by $50 a week to $600 last month over the year earlier.
They are now at the lowest level since November 2022.
"Wellington saw a 34 percent annual increase in rental stock come to market in June, coupled with a 16 percent annual drop in demand," Trade Me Property spokesperson Casey Wylde said.
Rents in the other main centres also fell, though were up in the far South, increasing by 6.7 percent to an average of $480 in Southland. Otago rents increased by 3.4 percent to $600.
The national median weekly rent was down $20 to $620.
"The easing of rental prices, coupled with increased listings and less competition, is creating a more favourable environment for renters, offering them more choice and potentially better negotiating power," Wylde said.
The latest represented an overall 3.9 percent year-on-year decrease with supply increasing 20 percent while demand cooled 18 percent.
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