Dunedin Rental Market Update - September 2024

(Most recent Tenancy Services data July 2024)

Tenancy Services recorded another increase in the median weekly rent from $450 per week in July 2023, to $480 per week in July 2024.

The number of bonds lodged increased for the first time since July 2023, when there were 270 bonds lodged, to 300 in July 2024, with the closed bonds decreasing by 15% for the same period. 

The average number of rental listings available on TradeMe in July 2024 was 409, which is a 20% increase from the number of listings available in July 2023. 30% of these listed properties have been recorded as being for the student market.

The student rental market has continued to influence the level of demand and enquiry on property listings. We are seeing a shift in focus with where many students are wanting to reside, away from the campus area.

With the supply of available properties increasing, we are beginning to see rental prices reduce on TradeMe as owners compete for a limited tenant pool, especially in certain sectors of the market.

As interest rates continue to reduce, we are seeing more investors entering the market, both starting and growing their portfolios. As a result, we expect to see a continued increase in supply and a steadying of rents in the Dunedin market.