Dunedin Rental Market Update - April 2023
(Most recent Tenancy Services data Feb 2023)
Overall, there has been continued positive movement across the rental market in Dunedin during March 2023.
Tenancy Services recorded a yearly increase in the median weekly rent from $428 in February 2022 to $450 in February 2023. This increase was expected, given the continuing pressure on supply and increasing asking prices on advertised property as a result.
The number of bonds lodged in February decreased from 522 in 2022 to 495 in 2023, which is a likely indication of the influence of several factors:
- The continued trend of tenants extending their occupancy at the property under either a fixed term tenancy or a periodic tenancy
- Movement due to tenants purchasing their own home
- Tenants moving overseas for new opportunities
- Landlords returning to occupy their rental property
The average number of rental listings available on TradeMe for the month of March 2023 was 250 which was 10% less than March 2022.
It is currently taking 18 days on average for us to rent a property versus 23 days this time in 2022, 44 days in 2021 and 50 days in 2020. This is another indicator of the strong demand for properties, especially those presented well with high standards of presentation and marketing.