New Zealand rents rose sharply from 2020 to 2023 and have been broadly flat since 2024. This page tracks median rents for new tenancies by city and suburb using Tenancy Services rental bond data and its market rent tool.
Across all dwelling types, the median weekly rent for new tenancies in July 2026 was $640 in Auckland, $560 in Wellington City, $550 in Christchurch and $520 in Dunedin, against $590 nationally (Tenancy Services bond data). The national median has been around $590–$600 a week since the start of 2024, after rising sharply from 2020 to 2023.
Median Weekly Rent by City (July 2026)
Median, lower-quartile and upper-quartile weekly rent for bonds lodged in July 2026, all dwelling types and sizes. Tenancy Services doesn’t publish city-wide medians by number of bedrooms; use its market rent tool for a suburb, dwelling type and bedroom count.
| City (council area) | Median rent | Lower quartile | Upper quartile |
|---|---|---|---|
| Auckland | $640 | $520 | $750 |
| Tauranga | $690 | $620 | $775 |
| Napier | $645 | $543 | $700 |
| Upper Hutt | $620 | $530 | $700 |
| Porirua | $620 | $520 | $750 |
| Hastings | $600 | $550 | $680 |
| Rotorua | $593 | $520 | $670 |
| Lower Hutt | $575 | $495 | $675 |
| Wellington City | $560 | $440 | $695 |
| Hamilton | $560 | $396 | $640 |
| Christchurch | $550 | $465 | $650 |
| Nelson | $550 | $460 | $620 |
| Dunedin | $520 | $368 | $600 |
| Palmerston North | $520 | $408 | $610 |
| Invercargill | $510 | $430 | $550 |
| New Zealand | $590 | $485 | $700 |
Single-month medians for smaller cities move around from month to month, so treat differences of $20–$30 as noise.
Auckland Rents by Suburb (2026)
Auckland rents vary by suburb and dwelling type. Median weekly rents from the Tenancy Services market rent tool, 1 February to 31 July 2026:
| Suburb | 2-bed flat | 2-bed house | 3-bed house |
|---|---|---|---|
| Auckland Central | $550 | $585 | $818 |
| Ponsonby | $635 | $750 | $975 |
| Grey Lynn | $565 | $725 | $850 |
| Parnell | $630 | $725 | $865 |
| Mount Eden | $525 | $613 | $780 |
| Epsom | $580 | $630 | $800 |
| Remuera | $550 | $660 | $850 |
| Mount Roskill | $520 | $570 | $670 |
| New Lynn | $470 | $540 | $620 |
| Henderson | $480 | $550 | $600 |
| Glen Eden | $480 | $540 | $600 |
| Albany | $550 | $580 | $750 |
| Howick | $500 | $590 | $670 |
| Papatoetoe | $500 | $550 | $650 |
| Manukau | $500 | $585 | $650 |
| Manurewa | $510 | $550 | $630 |
| Papakura | $440 | $545 | $620 |
Wellington Region Rents by Suburb (2026)
Median weekly rents from the Tenancy Services market rent tool, 1 February to 31 July 2026:
| Suburb | 2-bed flat | 2-bed apartment |
|---|---|---|
| Te Aro | $553 | $640 |
| Kelburn | $500 | $550 |
| Newtown | $515 | $575 |
| Petone (Lower Hutt) | $480 | $590 |
| Trentham (Upper Hutt) | $420 | $445 |
| Paraparaumu (Kāpiti Coast) | $435 | $545 |
Rent Affordability — How Many Hours of Work to Pay Rent?
A common measure of rent affordability is the number of hours of minimum wage work required to pay a week’s rent:
| City | Median rent, July 2026 (all dwellings) | Hours at minimum wage ($23.95/hr) |
|---|---|---|
| Auckland | $640 | 26.7 hours |
| Wellington City | $560 | 23.4 hours |
| Christchurch | $550 | 23.0 hours |
| Hamilton | $560 | 23.4 hours |
| Dunedin | $520 | 21.7 hours |
| Invercargill | $510 | 21.3 hours |
A common rule of thumb is that housing should cost no more than 30% of gross income. A full-time minimum wage worker earns $958/week gross; 30% is about $287. No major NZ city has a median rent for new tenancies below this threshold.
Rent Trends — 2020 to 2026
National median weekly rent for bonds lodged in the April–June quarter each year, all dwelling types (Tenancy Services):
| Year | Median NZ rent (all properties) | Annual change |
|---|---|---|
| 2020 | $470 | n/a |
| 2021 | $500 | +6.4% |
| 2022 | $540 | +8.0% |
| 2023 | $570 | +5.6% |
| 2024 | $600 | +5.3% |
| 2025 | $599 | −0.2% |
| 2026 | $600 | +0.2% |
Rent growth has stalled since 2024, at the same time as:
- Population: New Zealand’s population grew 0.7% in the year to June 2026, with net migration of 17,600
- Wage growth slowed: median hourly earnings rose 2.7% in the year to June 2026, down from 6–7% a year in 2022–2024 (Stats NZ), limiting tenants’ ability to absorb rent increases
What Drives Rent Prices in NZ?
Supply: New home consents peaked at a record in 2022, fell for three years, and were rising again in 2026 (39,737 in the year to May 2026, up 19%).
Demand: Population growth puts pressure on housing. Growth has slowed to 0.7% in the year to June 2026, with net migration (17,600) contributing just under half.
Interest rates: The Reserve Bank began cutting the official cash rate in August 2024, lowering mortgage rates for investors.
LVR restrictions: since 1 December 2025, banks can make up to 10% of new investor lending to borrowers with less than a 30% deposit (Reserve Bank loan-to-value restrictions), which limits how much investors can borrow.