Renting in the Central Otago Lakes District region is now more expensive than Auckland. Photo: Unsplash/ Michael Amadeus
- Central Otago Lakes District average rents hit $891 per week
- National average weekly rent drops 2.4 percent to $626 per week
- Wellington's average weekly rent drops 8.40 percent to $663 per week
In a league of its own
Central Otago Lakes District remains the priciest place to rent in New Zealand, with the average weekly price hitting $891 - more than $200 above Auckland - according to realestate.co.nz.
Rents climbed 11.8 percent over the year to December, reflecting strong demand and a tight pool of available properties.
The central North Island recorded the second‑largest annual increase, with rents rising 6.2 percent to $597 per week.
Nationally, the average rent fell 2.4 percent to $626 per week.
Realestate.co.nz spokesperson Vanessa Williams said the data shows a clear split emerging between premium lifestyle regions and the rest of the market.
"Central Otago/Lakes District continues to sit in a league of its own, driven by strong demand and a limited pool of rentals which is pushing prices to record highs."
"When weekly rental prices start closing in on mortgage repayments, it's no surprise that renters are making the leap into home ownership and our data shows that shift is well underway."
It's a buyers market elsewhere
The news is much better for renters across the rest of the country, as 13 of 19 regions recorded annual price drops compared to December 2024.
Coromandel saw the steepest decline, with average rents plunging 41.0 percent to $539 per week.
Wellington followed with an 8.4 percent fall to $663, while Auckland slipped 1.7 percent to $683.
Realestate.co.nz said the rental market is now flooded with stock, with new listings up 19.8 percent year‑on‑year to 5,349 in December 2025.
Wellington's number of rentals show a staggering increase of 91.5 percent to 925 properties.
Vanessa Williams says it will be a buyers market for the foreseeable future in most parts of the country.
She said the weakness in Auckland and Wellington reflected their weak economies, and soft jobs markets.
"With stock building and competition among landlords rising, renters will continue to find themselves in a stronger position to negotiate on price or lease terms in 2026."
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
