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

Tenancy Services has recorded a 2.2% increase in the median weekly rent from $450 per week in February 2023 to $460 per week in February 2024.

The number of bonds lodged decreased from 495 in February 2023 to 489 in February 2024, with the closed bonds increasing slightly from 357 to 360 for the same period. February maintained overall steady enquiry before the lead up to the Easter break and first term school holidays which has historically been quieter across the market. 

The average number of rental listings available on TradeMe in February 2024 was 357, which is a 21% increase on the number of listings available in February 2023 with more than 20% being student rental properties currently vacant. 

Data released from CoreLogic in March 2024 further validated that the average rent had increased by 6% in the year to February 2024 which was reportedly “well above the long-term average". The reported increase is linked to the wage growth and a tightening of supply and demand balance.

The government announced that as of the 1st of April 2024  landlords can deduct interest paid on their mortgage as a business expense allowing the taxable income to be reduced. Additionally there will be several changes to the tenancy law including notice periods landlords and tenants may issue when ending an agreement and the reintroduction of the 90 day no-cause eviction notice. These additional changes are expected to come into effect as soon as early 2025.