The Dunedin rental market saw an increase in median weekly rent year on year from $450 in January 2022 to $630 in January 2023. The number of bonds lodged in January decreased from 771 in 2022 to 726, aligned with the trend of tenants extending their leases under the periodic tenancy arrangement until new accommodation had been secured. This in part provides context as to why in March student accommodation for 2023 is being actively advertised for rent.
The average number of rental listings available on TradeMe for the month of February 2023 was 276 which was aligned with February 2022.
Our internal data backs up the trend of increasing numbers of renewals with 8 tenancies re-signed, which was again aligned with this time in 2022. Properties are still attracting good interest with our average time to let at 23 days.