Dunedin Rental Market Update - May 2023
(Most recent Tenancy Services data March 2023)
April was a relatively quiet month, in terms of enquiry, due to the limited number of properties coming to the market to let. This is a trend which has been experienced in previous years, mainly due to the following contributing factors:
- Easter break, Anzac Day observed within the same month
- School holidays influencing availability for prospective tenants to attend viewings
- Less available properties advertised for rent resulting in less movement from tenants
Tenancy Services recorded a yearly increase in the median weekly rent from $430 in March 2022 to $450 in March 2023.
The number of bonds lodged in March slightly increased from 330 in 2022 to 348 in 2023, and the closed bonds have decreased from 273 in 2022 to 264 in 2023 which reinforces the trend of less turnover and more tenants renewing leases.
The average number of rental listings available on TradeMe for the month of April 2023 was 254.
It is currently taking 16 days on average for us to rent a property which is in-keeping with this time in 2022 but a significant reduction from 27 days in 2021 and 35 days in 2020. This is another indicator of the strong demand for properties, especially when well presented and marketed.