Rents are falling, with the national average hitting the lowest point since September of 2023.
It’s sitting at $628, with Wellington being hit the hardest, with a drop of 11.8%, while Auckland fell 2.3%.
New rental listings also surged 16% year on year, with 6,700 in August.
Aspire Property Managing Director Mike Atkinson told Mike Hosking Wellington in particular is facing some specific economic challenges, as well as the ones faced by the rest of the country.
He says that the culling of public service jobs, consultants, and contractors has reduced the numbers of people who need to live in the Wellington City area, impacting rents.
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The Mike Hosking Breakfast