• National average rent of $631/week almost $30 below the highest recorded rent in May 2024 of $660/week.
• Wellington has not recorded rents above $700 since January 2025
• Bucking the national trend, Nelson and Waikato both hit record rental price highs

Latest data from realestate.co.nz shows rents are cheaper than a year ago in most parts of New Zealand, with the average weekly rent falling in 10 of the country’s 19 regions.

The Central North Island led the charge with a decline of 8.6%, from $619/week in April 2025 to $566/week in April 2026, followed by Gisborne with a decline of 5.4% as rents in the region fell more than $30/week from $664/week to $628/week.

Wellington, which has not recorded an average rent above $700/week since January 2025 ($724/week), also experienced a year-on-year decline. The capital’s average rent was $620 per week in April 2026, down from $647/week in April last year.

Vanessa Williams, spokesperson for realestate.co.nz, says cheaper rents in 10 of the 19 regions will be welcome relief for many renters, while the decline seen in Wellington reflects wider economic forces in the region, including widespread job losses.

“For renters, it’s a noticeable change from the pressure we were seeing at the peak, but it also shows how quickly market conditions can move.”

Which regions have seen a decline in weekly rents?

The national average rent was $631/week in April 2026, down 1.4% compared to April last year and almost $30 below the highest recorded rent in May 2024 of $660/week.

Williams says a cooling in prices doesn’t mean well-presented rentals aren’t moving in the market.

“It simply means investors need to be more considered about where and how they enter the market and understanding the nuances of the region(s) they’re looking to invest in. Demand for quality rental housing still remains strong no matter where you are.”

Two regions buck the trend with record average rental price highs

While the capital cools, Nelson and Waikato both hit record average weekly rental price highs, highlighting ongoing demand in both regions.

Waikato’s average weekly rent increased 4.1% year-on-year from $560 in April 2025 to $583/week in April 2026.

Nelson & Bays recorded an average rent of $617, an increase of 7.8% compared to last year’s weekly rent of $573.

Meanwhile, Central Otago Lakes District, remains the most expensive place to rent in New Zealand, continuing to sit well above all other regions with an average rent of $860/week.

National rental listings up over 6,000 in April 2026

National new rental listings increased 5.1% in April 2026 to 6,165, up from 5,868 in April 2025. The Bay of Plenty region saw the greatest increase in year-on-year rental listings, up 34.2% from 257 new listings in April 2025 to 345 new listings in April 2026.

Taranaki and Marlborough also recorded year-on-year increases in new listings above 30%. Taranaki’s new listings rose 33.9% from 118 in April 2025 to 158 in April 2026, while Marlborough’s new listings increased 32.6% from 46 in April 2025 to 61 in April 2026.

National stock levels fell 0.9% in April 2026 to 7,955 rental properties.

Williams says: “What we’re seeing now is a more stable and considered environment where both tenants and landlords who understand the dynamics of each region are best placed to succeed.”

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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