Dunedin Rental Market Update - January 2024
(Most recent Tenancy Services data November 2023)

Tenancy Services has recorded an increase in the median weekly rent from $450 per week in November 2022 to $480 per week in November 2023.

The number of bonds lodged has increased slightly, from 297 in November 2022 to 303 in November 2023, with the closed bonds also increasing slightly from 402 to 408 for the same period confirming movement between tenancies. 

The average number of rental listings available on TradeMe, as of 31st December 2023 was 423 up approximately 20% on December 2022.

Nidd Property Management has taken an average of 14 days to rent properties in November 2023, with November 2022 taking an average of 25 days.

The team at Nidd Property Management managed to navigate a positive end to 2023 with 17 tenancies being renewed, 13 properties rented within an average of 23 days, at an average price of $490 per week. A notable trend that has emerged across the portfolio is that tenants are vacating properties in an increasingly clean and tidy standard, in accordance with their agreed obligations.

We anticipate that 2024 will show signs of high demand for quality rental properties across the market with average days to rent continuing to reduce over time as demand increases with both internal and external migration. Security of tenure will remain a focus for both landlords and tenants ensuring rental properties are maintained longer term.