Dunedin Rental Market Update - May 2024
(Most recent Tenancy Services data March 2024)

Tenancy Services recorded a 2.8% increase in the median weekly rent from $450 per week in March 2023 to $463 per week in March 2024.

The number of bonds lodged decreased from 348 in March 2023 to 318 in March 2024, with the closed bonds increasing by 12% for the same period. 

Active bonds held for residential properties throughout New Zealand are continuing to reach record numbers, with Dunedin holding 12,681 in March 2024. 

The average number of rental listings available on TradeMe in March 2024 was 268, which is a 6.7% increase on the number of listings available in March 2023. 

According to TradeMe data, rents have risen by an average of $50 per week nationally within the past 12 months, with the national median rental price having increased to $650 per week. Within the South Island the average price per week is $470 per week which is more reflective of our local market.

Demand has continued to reduce as available properties for rent has increased. This is validated by our internally tracked data with it taking 25% longer to rent properties in March 2024.

The number of available properties increasing is an unusual dynamic, given there are very few investors actively growing portfolios with the ongoing regulatory headwinds. Given the reforms being implemented, it is going to be interesting to track the impact that a potential increase in the rental pool has on the Dunedin market.