New Zealand's national average rental price in January was NZ$634 per week, dropping 2% year-over-year, according to a Monday statement by realestate.co.nz.

Canterbury was the only region in the country with an increase in average weekly rental prices, up 1.2% year-on-year to NZ$584 per week in the month.

Meanwhile, the average weekly rental prices in Wellington were down 8.9% year-on-year to NZ$659 per week, the report said.

"We're seeing rental markets behave very differently across the country," said Vanessa Williams, spokesperson for realestate.co.nz.

"More choice gives renters leverage, but in markets where supply hasn't lifted, prices remain resilient," Williams added.

The number of new rental listings jumped 12.8% in January to 7,224 properties, with listings in Wellington up 54.2% to a record high of 965 properties, the report added.

However, listings in Otago fell nearly 33% year-on-year to 139 properties this month, compared to 207 last year.