New data shows rents are down to the lowest point since 2023. 

They’ve dropped 3% in the last year to $628 per week according to realestate.co.nz. 

Urban centres had the biggest decline, with Wellington leading with 11.8% drops and Auckland following with 2.3%. 

ASB Chief Economist Nick Tuffley told Ryan Bridge its very much an economics lesson in basic supply and demand. 

He says that we not only have more listings coming onto the market, but also net immigration has fallen over the past few years, so there’s less demand for rentals. 

LISTEN ABOVE 

New data shows rents are down to the lowest point since 2023.&nbsp;
They’ve dropped 3% in the last year to $628 per week according to realestate.co.nz.&nbsp;
Urban centres had the biggest decline, with Wellington leading with 11.8% drops and Auckland following with 2.3%.&nbsp;
ASB Chief Economist Nick Tuffley told Ryan Bridge its very much an economics lesson in basic supply and demand.&nbsp;
He says that we not only have more listings coming onto the market, but also net immigration has fallen over the past few years, so there’s less demand for rentals.&nbsp;
LISTEN ABOVE&nbsp;

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Nick Tuffley: ASB Chief Economist on rent prices hitting the lowest point since 2023

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/b74a067f-8255-436e-9550-b352017e15b5/transcript