Bay of Plenty tenants might be feeling some relief in their wallets, as new data reveals a slight decrease in rental prices in the region last month.
TradeMe's latest Rental Price Index shows the region's median weekly rent in June was $670 a week.
It's a 1.5% drop compared to May.
The Bay of Plenty is currently the second most expensive region for rentals nationwide. Auckland holds the top spot with a weekly median price of $690 last month.
The index shows the median weekly rent in New Zealand decreased by $5 (0.8%) month-on-month, bringing it to $645 per week.
Trade Me Property Sales Director Gavin Lloyd said that an influx of rentals over the past three months has helped ease the pressure on rental prices.
"There hasn’t been a month on month drop in rental prices since September 2022 - so this will be welcome news for tenants who have been dealing with record high rents,"
“We know that with the number of Kiwis leaving the country, there is less demand for rentals, particularly among young professionals who are most likely renters and are being tempted by higher wages overseas,”
“As a result, we might see further drops in rental prices as we move further into the winter months, especially given that the latest inflation figures are falling faster than expected,”
“Often we have a slight delay in prices coming down for rentals as understandably landlords will be hoping to keep their rent the same - but now with less people competing for properties they may have no choice but to lower the price to help attract new tenants,” Lloyd says.
Image: TradeMe
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