Sharp rise in region’s rental stock

Overall rental stock in the regions also rose sharply, climbing 88.5% year-on-year to 49 available rentals.

Stewart Henry, general manager of Summit Real Estate, said staff had seen similar trends in the local market during December.

“The main increase in properties being listed for rent is that we have seen a higher number of our tenants purchasing homes this summer, and we are needing to re-list existing stock to secure new tenants,” Henry said.

“The properties new to the rental market are a mix of investors and people moving out of town who wish to retain their own home.”

Realestate.co.nz spokesperson Vanessa Williams said the influx of listings was part of a wider national trend that was “shifting the balance” slightly in favour of renters.

“With stock building and competition among landlords rising, renters will continue to find themselves in a stronger position to negotiate on price or lease terms in 2026,” she said.

Nelson and Tasman’s lift in rental stock mirrors significant increases in other regions, including Hawke’s Bay and Wairarapa, according to the data.

While some regions were still facing high demand and record-level pricing – particularly destinations such as Central Otago – Williams said the rest of the country was starting to see “breathing room” return to the rental market.

“When we see an increase in rental listings, it’s often an indication of factors such as renters leaving the area, declining interest rates, and cost of living,” she said.

“New Zealand’s net migration loss to Australia has reached a 12-year high, and the majority of those moving have been in the prime tenant demographic – 20-39-year-olds. There will also be those leaving for bigger New Zealand cities.

“Last year’s drop in interest rates could have given buyers confidence to purchase and put those properties on the market as rentals.

“We also know cost of living can contribute to an increase in rental listings with more people choosing to stay at home, or rent with flatmates rather than take out a rental themselves.”

Nationally, rental supply increased by almost 20% in December, while the average weekly rent fell 2.4% to $626.

In contrast, average weekly rents across Nelson and Tasman rose 1% compared with the same time last year.

Realestate.co.nz data showed Nelson City recorded a sharper increase, with average weekly rents climbing 8.7% year-on-year to $670.

In Tasman’s main centres, increases were more modest. Motueka’s average weekly rent rose 1.8% to $570, while Richmond saw a 1.6% increase to $620.