The national median rental price is $645 a week. Photo: Unsplash / Tom Rumble
Rental prices have fallen for the first time since 2022, figures from Trade Me show .
Trade Me's latest Rental Price Index revealed a slight decrease in rents, with the national median dropping $5 month-on-month to $645 a week.
Trade Me's property sales director Gavin Lloyd said it was the first monthly fall since September 2022.
And he said rents may yet fall further.
"We know that with the number of Kiwis leaving the country, there is less demand for rentals, particularly among young professionals.
"As a result, we might see further drops in rental prices as we move further into the winter months, especially given that the latest inflation figures are falling faster than expected."
However, rents in Northland, Auckland and Wellington were unchanged, with Auckland once again the most expensive region with a median price of $690.
