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

Tenancy Services recorded a 10% increase in the median weekly rent from $455 per week in April 2023, to $500 per week in April 2024.

The number of bonds lodged increased from 255 in April 2023 to 282 in April 2024, with the closed bonds increasing by 10% for the same period. 

The supply of properties marketed for rent has remained consistently high both locally and throughout New Zealand compared with previous years, indicating that there are changes emerging in the market. The average number of rental listings available on TradeMe in April 2024 was 312, which is a 20% increase on the number of listings available in April 2023. 

While the market remains competitive, prospective tenants have more properties to choose from and can therefore take their time to review these options, before making a commitment. For this reason, well-presented and maintained properties are proving to generate more attendees at viewings and applications submitted, than those properties that have deferred maintenance or less online exposure promoting what is offered.

Additionally, tenants are paying closer attention to the standard of properties and general maintenance. A proactive approach is required to overcome this and mitigate the risk of vacancy. This includes programmed property care as well as partnering with an experienced property management company who are resourced to stay ahead of any potential issues and avoid deferred maintenance.