The Dunedin rental market eased slightly in May, with the median rent decreasing 5% year-on-year to $523 per week. The lower quartile rent decreased by 3%, while the upper quartile rent increased slightly to $621 per week.

Bond activity remained strong, with 234 new bonds lodged, up 7% compared with the same time last year. Closed bonds was 312, an 18% increase year-on-year, indicating increased tenant movement. The average number of available rental listings on TradeMe was 400, remaining unchanged from the previous year.