Renter activity stabilises, renters continue to prioritise affordability

Renter activity eased in April following several record-setting months, yet remained well ahead of the same time last year. 

We received more than 24,450 enquiries about properties for rent during April, dropping from a recent peak of over 32,000, yet still 25.4 percent higher than in April 2025.

The number of people viewing and applying to rent properties followed a similar pattern, with both measures down in March but up 12.1 percent and 19.4 percent respectively year-on-year.

A total of 574 properties were let during the month, 9.1 percent more than April 2025.

The April dip was not unexpected coming off several strong months of activity, and given the coincidence of school holidays, Easter and ANZAC Day during the month.

Many households looking to settle into a new home at the start of the year will now have done so, while ongoing economic uncertainty and cost of living pressures could be making people more cautious about moving.

Pricing conditions across Auckland, Northland and Bay of Plenty remained broadly stable through April, reinforcing that the market continues to be driven more by value and affordability than urgency.

For example, the average weekly rent in Auckland was virtually unchanged from last month, sitting at $696.29 in April, down 46 cents from March and increasing less than 1 percent year-on-year.

While renter engagement remains well ahead of where it was this time last year, affordability is playing a big role in renters’ price expectations and decision-making.

The proportion of properties rented at their initial advertised price continued to increase in April, with more than 70 percent securing tenants without requiring a reduction.

This is the highest proportion we’ve seen for two years and points to stronger alignment between landlord expectations and what renters are prepared to pay.

Landlords who price realistically from the start are generally seeing stronger engagement and faster results, which can be especially important as renter demand levels off.