Dunedin Rental Market Update - October 2024
 (Most recent Tenancy Services data August 2024)

Tenancy Services recorded another increase in the median weekly rent from $440 per week in August 2023, to $500 per week in August 2024.

The number of bonds lodged in August 2024 was 288 which is an increase from the 264 bonds lodged in August 2023. 

The average number of rental listings available on TradeMe in August 2024 was 370, which was aligned with the average in August 2023. 55% of these listed properties have been recorded as being for the student market which is the highest portion to be recorded.

Dunedin's rental market currently presents a mix of opportunities and challenges, with a more competitive environment for landlords aligned with steady demand from prospective tenants further supporting long-term investment potential. Vacancy rates across the suburbs have increased, with properties taking longer to fill compared to previous years which has been attributed to increased supply.

Attention to ongoing maintenance continues to be an area of focus for many landlords with work taking place over Spring and Summer as a way to ensure the property retains its value both to tenants and the open market. 

Tenants are benefiting from these changes and market conditions, while landlords need to continue to be mindful of local dynamics to secure sustainable returns.