Asking rents are rising again after a long stretch of being flat or falling, according to the two biggest property listing sites.
Realestate.co.nz says the national average asking rent rose 1.0 percent in October compared with a year earlier, to $634 a week. Trade Me recorded a 2.5 percent increase, to a median of $625, RNZ reports.
What is happening in Auckland?
The biggest change is in supply. Realestate.co.nz says the number of rentals on its site was down 7.0 percent nationally from a year earlier, at 7811. In Auckland, stock fell 13.0 percent to 3313. Wellington's fell 13.2 percent to 791.
Auckland also had 223 fewer new rental listings than in October last year, a 7.7 percent drop to 2678.
Average asking rents in the main centres rose only slightly: Auckland was up 1.3 percent to $692 a week, Wellington up 1.5 percent to $643 and Canterbury up 1.3 percent to $594, according to realestate.co.nz.
Trade Me told RNZ that Auckland's median rent had risen to $660 a week, its first annual gain in nearly two years. It said rental demand was 15 percent higher than in October 2025, while listings were down 7 percent.
"Renters in Auckland and Wellington are still paying less on average than two years ago, but with fewer rentals around, this could start to change," said realestate.co.nz chief executive Sarah Wood. "It's too early to call it a trend, but if supply stays tight, renters could expect more competition for good properties over summer."
Is this a big jump?
Not so far. Kelvin Davidson, chief economist at Cotality, told RNZ the rental market appeared to have turned, but "it's not rocketing away."
"I'm not saying that a downturn is suddenly going to turn into a big boom. I suspect it's probably more likely they kind of just edge higher," he said.
He said migration had picked up "a little bit", and new migrants tend to rent at least at first.
Not every measure points the same way. Barfoot & Thompson told RNZ it received 17.9 percent fewer inquiries and 22.8 percent fewer applications in October than in September, which had been a six-month high. Its general manager of property management, Anil Anna, said much of Auckland's rental market "remains well-stocked and extremely price sensitive", apart from some sought-after and city-fringe suburbs.
The picture also varies by region. Realestate.co.nz says rents rose in 11 of its 19 regions and fell in five. Southland reached a record $511 a week, and Central Otago/Lakes District remained the most expensive at $885. Rents fell in Wairarapa, Marlborough, Northland, Otago and Hawke's Bay.
How often can a landlord increase the rent?
Tenancy Services, part of the Ministry of Business, Innovation and Employment, sets out the rules. For both periodic and fixed-term tenancies:
- The rent can only go up 12 months after the tenancy started, and at least 12 months after the last increase.
- For a fixed-term tenancy, the rent can only go up during the term if the tenancy agreement allows it.
- The landlord must give at least 60 days' written notice. The notice must state the new rent and the date it starts. Boarding house tenants get 28 days' notice.
- The notice can be given before the 12 months are up, but the new rent can't take effect until then.
The law does not limit how much the rent can go up by.
What can you do if the new rent seems too high?
Tenancy Services' market rent tool shows what similar properties in your area are renting for. If your rent is a lot higher than for similar homes nearby, Tenancy Services says you should first talk to the landlord about a reduction, with evidence. If the landlord says no, you can apply to the Tenancy Tribunal.
On a fixed-term tenancy, you can only apply to the Tribunal for a market rent review within three months of the start of the tenancy or of the last rent review.
If rent is getting hard to pay, Work and Income may be able to help, including people who are working, Tenancy Services says.
Some landlords say they are planning increases. NZ Adviser reports that a net 54 percent of investors surveyed by The Property Consortium and economist Tony Alexander in October said they planned to lift rents over the next 12 months.
For the buying side of the market, see our reports on October's record number of homes for sale and the latest house value figures.
