Dunedin Rental Market Update - November 2023
(Most recent Tenancy Services data September 2023)

Tenancy Services has recorded an increase in the median weekly rent from $458 per week in September 2022 to $475 per week in September 2023.

The number of bonds lodged has increased slightly, from 252 in September 2022 to 270 in September 2023, with the closed bonds also decreasing from 270 to 237 for the same period.

The average number of rental listings available on TradeMe in September 2023 was 373. This is 5% fewer than September 2023. Nidd Property Management has taken an average of 22 days to rent properties in September 2023 which is aligned with September 2022.

Legislation targeting renewal notice periods is starting to have an impact on how the Dunedin rental market operates, particularly student properties. We have observed more tenants choosing to exercise their right to wait until between 90 and 28 days before their tenancy ends to notify their landlord/property manager what their intentions are for the next year. Until this intention has been confirmed, a new tenancy technically can’t be agreed upon as the existing tenants can choose to continue on a periodic tenancy.

The result is that student properties, where tenants have not confirmed their intention, are not able to be advertised until mid-October to mid-November which is also when many students have returned home for the year. This creates challenges and a late rush for students who have not been able to secure accommodation for the next year.

Rachael Courtney
Managing Director (Nidd Property Mangement)