Annual rental price index update

Published 01 Sep 25

While Stats NZ’s Rental Price Index remains on pause, we’re continuing to provide insights through our own rental price index.

While Stats NZ’s Rental Price Index remains on pause, we’re continuing to provide insights through our own rental price index. This update expands our time series back to December 2023, capturing the peak of rental inflation and tracking how far we’ve come since.

Where are we now?

Nationwide rents for new tenancies in July 2025 are sitting just below their July 2024 levels, down 0.1%.
Wellington continues to show the sharpest decline, with rents down 6% year-on-year.
Canterbury is experiencing its lowest annual inflation since the COVID-19 disruptions, now at just 0.8%.
Auckland is showing early signs of a rebound, with rents beginning to edge upward at 0.1%—but it’s too soon to call this a sustained trend.

Over time we expect that supply and demand will become more balanced in all places, and rental inflation return to its longer-term averages.

We’ll continue monitoring these shifts closely, you can view the current time series below.