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. 

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