The national median weekly rent in New Zealand fell to NZ$610 in October, the lowest since May 2023, signalling a continued cooling in the rental market, according to a Monday report from Trade Me Property.

The country's median weekly rent fell NZ$10 in September and is also down 4% compared to September 2024.

"While the median rent has reached highs of around NZ$650 over the past couple of years, it's normal for prices to ease or slow towards the end of the year. Renters in the market should definitely make the most of prices being this low by checking out their options," said Trade Me Property Spokesperson Casey Wylde.

One of the biggest drops in median weekly rent was seen in Wellington, which now stands at NZ$600, an 8% year-on-year decrease.

The number of rental properties available is continuing to ease the pressure on prices, as listings onsite were up 2% year-on-year in October. Meanwhile, overall demand is easing, with total searches for rentals nationwide down 6% compared to October last year.

"This suggests we've either got fewer people in the rental market overall, or that tenants are choosing to stay put in their current flats. Either way, this lack of competition gives renters a bit more power right now," Wylde added.