And not for the first time: Bay of Plenty also overtook Auckland for periods last summer.
Northland had the largest decrease from the previous month, with the median weekly rent falling $40 (6.1%) to $580.
Trade Me Property customer director Gavin Lloyd said rental price increases at this point in the year were not entirely unexpected.
“It’s a seasonal trend we tend to see at this time. What is a little more unusual is increases at a time when demand is soft and supply is skyrocketing.”
Supply was up 6% month-on-month, with rental listings hitting a 10-year high while demand hit a four-year low.
“These market conditions are generally a positive for renters, with plenty of choice. If supply remains as it is currently we can expect to see more stable rents in the short to medium term,” Lloyd said.
The regions driving the high supply included Gisborne, up 321% year-on-year, Marlborough (136%), Hawke’s Bay (76%) and the West Coast (63%).
Compared to October 2023, demand is down across all regions with the exception of Gisborne (+106%) and Marlborough (+39%).
“For a long time, rents had been running hot, rising faster than inflation and outpacing wage growth. It was around mid-2024 when we saw supply start to catch up with demand and now we see listings at record highs and demand at four-year lows,” Lloyd said.
