The Bay of Plenty now holds the title as the country’s priciest rental region, with a median weekly rent of $675, overtaking Auckland’s $660.

“For years Auckland was the most expensive place to rent, but the Bay of Plenty has been steadily catching up,” Trade Me Property spokeswoman Casey Wylde said.

“This is the second month in a row the Bay of Plenty has topped the rankings, with Auckland cooling while Bay rents remain firm.”

The shift was driven by notable declines in parts of Auckland, with Papakura’s median weekly rent dropping about $35 year‑on‑year, and Franklin falling by around $30, according to the latest Rental Price Index.

In contrast, Tauranga rents increased by about $20 a week over the year, reaching $720. Stable prices in Western Bay of Plenty ($650) and Rotorua ($600) were also enough to push the region into the lead.

Despite high regional medians, Wylde says renters still have access to more affordable options.

“In Auckland, the cheapest district is now Waitākere City at $630 a week,” Wylde said.

“In the Bay of Plenty, renters can find properties in Rotorua or Whakatāne for around $600, highlighting better value in some smaller centres.”

Mixed picture nationwide

National averages are masking significant regional differences, with some areas becoming more affordable while others continue to climb.

“It’s a real mixed bag across the country. There’s good news for renters in places like Marlborough, which recorded the biggest drop with rents down 8.3 per cent.”

Wylde said Otago and the Wellington region have also become more affordable for tenants.

Further south, however, rents moved in the opposite direction. Southland recorded the largest increase nationwide, with median weekly rent rising 6.4% to $500. Canterbury prices also edged higher, driven largely by Christchurch.

“Christchurch remains a tough market for tenants. Rents rose 0.9% to $570, with strong demand and not enough new listings coming online.”

Rental demand in Christchurch rose 10% in March, while supply increased by just 2.5%.

Bigger homes still commanding premiums

Rental prices in March also varied sharply by property type, with larger homes continuing to attract higher rents.

“Families looking for bigger homes are still facing tight competition,” Wylde said. “Five‑bedroom‑plus homes saw rents rise by 1% nationwide, and by a significant 5.6% in Christchurch.”

By contrast, rents for apartments and townhouses fell. The national median rent for apartments dropped 1.8% to $550, while townhouse rents fell 3.1% to $630.

“Landlords of smaller, inner‑city properties are realising they need to meet the market,” Wylde said. “But renters shouldn’t get too comfortable - there are still fewer properties available overall, and demand hasn’t gone away. Today’s lower prices could shift quickly.”