Rental demand rises for third consecutive month

The rental market is getting busier, but not more expensive. Latest insights from Auckland, Northland and Bay of Plenty show renter activity continued to build during February, marking the third consecutive month of rising demand since a surge in December 2025.

We fielded 32,749 enquiries from renters during February, up 6.2 percent on January (30,850), and up 35.5 percent on the same month last year (24,169).

Applications for properties also increased to 4,349, up 6.7 percent on January, and 27.8 percent year-on-year.

Despite the continued lift in activity, rents remained largely flat. 

In Auckland, the average rent in February was $696.92, less than a dollar from the three-month average and just 0.7 percent higher than a year ago ($692.38). Average rents across Northland and Bay of Plenty moved under 0.2 percent between January and February.

This dynamic, between rising demand and flat rents, points to the continuation of a price-sensitive renters’ market.

Competition remains strongest among landlords to attract or retain quality tenants.

With renters becoming more price-conscious, the first few weeks of a listing are critical. Landlords who aren’t pragmatic about their pricing risk having their properties languish on the market, while more competitive options are rented almost immediately.

Some of February’s activity appears to have been driven by renters seeking a better deal. 

It is not uncommon for our property managers to meet people at viewings who are getting back in the market after a rent increase at their current home, actively looking for a better-priced property.

Some of our Northland branches are also seeing more enquiries from people moving out of Auckland, potentially in search of lower housing costs or lifestyle changes.

The lift in activity is beginning to absorb higher stock levels in some areas, though conditions still varied across the region.

For example, stock is tighter in areas like the North Shore and City Centre, where demand is strong, including from students returning to the rental market. Meanwhile, other areas of Auckland, including the Eastern Suburbs, continue to have ample supply, particularly of new builds following periods of heavy development.