A growing number of homeowners heading overseas are choosing to rent out their properties rather than sell as new listings climb, says a property expert, as a greater supply of homes helps to quell growth in rents.
New rental listings on realestate.co.nz climbed 10% year-on-year to 6729 in June. The increase was "widespread", spanning 15 of 19 regions.
Chief executive Sarah Wood said, anecdotally, the extra stock was being driven in part by owners emigrating who wanted to retain their property here.
"We're increasingly hearing from owners who are relocating overseas that they'd rather keep a foothold in the New Zealand market than sell," she said.
"Renting out the family home means they can hold onto the property while they're away, which is feeding through into the extra rental stock we're seeing come onto the site.
"It's good news for tenants, who are seeing more choice than they have in some time.
"For these owners, renting rather than selling also means they're not locking in a decision while they're settling into a new country – they can always reassess down the track."
A greater supply of housing at a national level was putting a ceiling on rising rental prices, Wood said, in positive news for tenants looking for more affordable housing.
The national average weekly rent held flat at $635, down 0.2% compared to June 2025.
Rents have been on a rollercoaster in the past decade, according to realestate.co.nz data. The national average sat at $440 a week in June 2016, climbing to $536 by June 2020, and then peaking at $653 in June 2024.
Good news for renters amid rising costs
Wairarapa recorded the largest rise in new listings, up 67.6% year-on-year. Southland rose 32.8%, the Central North Island climbed 28.2%, and Nelson and Bays lifted 25%.
Among the main centres, Auckland listings rose 7.8% to 2875, Canterbury's climbed 14% to 735, and Wellington's increased 6.8% to 537.
Wood said the stability counted for a lot given other rising household costs.
Average rental price in New Zealand has also dropped 3% to $626 per week, according to realestate.co.nz figures. (Source: 1News)
"With so many other weekly costs on the rise – groceries, power, insurance, fuel, to name a few – a rental market that isn't adding to that pressure is genuinely good news for household budgets," she said.
Coromandel saw the sharpest fall in average weekly rent, down 9.6% from a year earlier, while Gisborne fell 4.2% and Taranaki 3.5%.
Wellington's rental stock, meanwhile, tightened sharply, falling 25.7% year-on-year from 1084 properties to 805 – the steepest decline of any major region.
The region's rents rose just 0.5% to $628 a week.
"Stock has tightened considerably, but rents haven't moved much, which tells us demand has eased too. If that changes before stock recovers, we could see renewed upward pressure on prices in the capital," Wood said.
The West Coast recorded the biggest lift in weekly rents, up 6.2% to $459, followed by Nelson and Bays, up 4.4% to $593, and Central Otago / Lakes District, up 3.3% to $854.
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