Dunedin Rental Market Update - February 2024
(Most recent Tenancy Services data December 2023)

Tenancy Services has recorded an increase in the median weekly rent from $450 per week in December 2022 to $475 per week in December 2023.

The number of bonds lodged has increased from 384 in December 2022 to 426 in December 2023, with the closed bonds also increasing slightly from 1707 to 1761 for the same period indicating movement between tenancies. 

The average number of rental listings available on TradeMe in December 2023 was 383, which is a 15% increase from December 2022. Nidd Property Management has taken an average of 23 days to rent properties in December 2023, compared with an average of 25 days in December 2022, indicating year-on-year consistency in the market.

Movement to Dunedin from other regions and overseas by professionals and mature students pursuing post graduate study has continued to increase, influencing the increased enquiry for rental properties within a 15km radius of the city centre.

Sufficient sources of heating such as a heat pump or wood burner, alongside double glazing or a heat transfer system are proving to be important factors when choosing between properties.

2024 has started steadily at Nidd Property Management with enquiry and demand for two and three bedroom properties enabling properties to be rented within 26 days at an average price of $415 per week.