Dunedin Rental Market Update - December 2023
(Most recent Tenancy Services data October 2023)

Tenancy Services has recorded an increase in the median weekly rent from $450 per week in October 2022 to $460 per week in October 2023.

The number of bonds lodged has increased slightly, from 258 in October 2022 to 261 in October 2023, with the closed bonds increasing from 276 to 303 for the same period indicating movement between tenancies. 

The average number of rental listings available on TradeMe in October 2023 was 379, which is  similar to the number of listings in October 2022. Nidd Property Management has taken an average of 16 days to rent properties in October 2023, with October 2022 taking an average of 20 days.

With the proposed legislative changes expected to be implemented in 2024, it is anticipated that the supply of rental properties will improve as investors begin to become more active again. Tracked data from 2023 has shown that when marketing two and three bedroom properties, viewings are often at capacity with multiple applications for landlords to consider.

We have maintained an occupancy rate of 98.9% throughout 2023 with an increased number of tenants choosing to renew their tenancies for longer while respecting the property as they would if they owned it. As always, a strong maintenance plan with trusted, quality tradespeople maximises the chances of attracting and retaining high quality tenants while protecting the value of the property long-term.