Dear All,
Rental prices are down 2% year-on-year in Auckland and the Waikato, and 3% in the Bay of Plenty, according to the latest Trade Me data (September).
As of today, there are 6,321 rental listings on Trade Me in Auckland, compared with 5,789 on the same day last year, representing a 9% increase in supply. At the same time, tenant demand, based on Trade Me search activity, is down 4% YOY. When supply increases while demand declines, this typically creates downward pressure on rental prices. As a result, rent appraisals are, on average, lower than they were at the same time last year.
However, it’s important to note that rental performance varies significantly between property types and locations. Each property operates within its own micro-market. For example, rent for two-bedroom townhouses in Millwater may be trending down, while rent for four-bedroom homes in Mount Albert might be increasing. This is why at Aspire, we provide our owners with a detailed, property-specific rent appraisal whenever their property is due to be tenanted, ensuring they have an accurate understanding of current market conditions.
At Aspire, we currently have 46 properties listed, with an average time on the market of 22 days for September, an improvement on the same period last year, when the average was 24 days.
Net migration into New Zealand has slowed significantly. Figures released by Stats NZ for August 2025 show a net gain of 10,600 people, a sharp 79% decrease compared with 51,600 at the same time last year, and a dramatic drop from the peak of 135,500 recorded in October 2023.
At the same time, housing supply is gradually increasing. The latest data shows that residential building consents reached 3,548, representing a 3.2% year-on-year increase in Auckland and a 1% rise nationally. While consent numbers remain well below the September 2022 peak of 5,920, they have been on a steady upward trajectory since December 2023.
Despite ongoing challenges in the rental market, investor confidence is beginning to return. Many of our property owners are already expanding their portfolios (or planning to do so in the near future) as the Official Cash Rate continues to decline, loan-to-value restrictions are easing soon, and interest deductibility has now been fully reinstated.
What can we do in this challenging rental market?
It’s still a tenant’s market out there; however, properties are renting if they are offered at the right price, with good presentation. Our advice is to go to market at the mid-range of your rent appraisal if you want to reduce your vacancy time. A vacant property will quickly cost you more than lowering the weekly rental price.
We have a highly experienced lettings team dedicated to securing quality tenants for every property we manage. We conduct viewings throughout the weekend (including Sundays when a property is vacant), which is a level of service many other property managers do not offer. Every enquiry and viewing is promptly followed up with phone calls and text messages. When there is interest in a property, our team acts quickly to convert that lead into a successful tenancy. Throughout the letting process, we maintain consistent communication, providing regular updates and contacting our owners every Friday to review progress and discuss the strategy for getting the property tenanted. If you are working with a property manager who doesn’t provide this type of service, consider switching to us today!
How to tenant your property quickly.
Make the first price a good price – you’ll never get more interest than when you first list the property – so don’t be tempted to “test the market” by asking for a higher price than your rent appraisal. Start with a competitive rental price when the property is listed; this will give you the most enquiries and viewers, which will in turn give you a tenant as fast as possible.
Great online presentation will attract more viewers – in this challenging market we highly recommend using professional photos and making sure the property is looking nice and tidy.
Offer a point of difference – allow pets, offer a grocery voucher or a week’s free rent, include free water or internet.
Renovate to appeal to the masses. Neutral colours like white exteriors and interiors appeal to tenants. If you have a blue feature wall, a pink exterior, or an old kitchen, consider investing in a renovation now. Perhaps it’s time to put in that dishwasher!
Ensure your property is clean and tidy and all maintenance is completed. Outgoing tenants only have to clean to “reasonably clean and tidy” according to the Residential Tenancies Act. When marketing your property, it should be sparkling clean to appeal to viewers and well-maintained – investing in professional cleaning and completing all outstanding maintenance could save you thousands in lost rent if people overlook your property in favour of one in better condition.
Be open to improvements requested by a potential tenant. Especially if you’re renting out a high-value property. If they request the house is washed or spider-sprayed for example; consider getting it done to secure the tenant.
Remember – tenants have many options right now – you want your property to stand out from the crowd!
Commercial property update – from Lauren Daly.
Recent trends remain consistent over the past few months, with industrial properties continuing to be the fastest-moving sector in the commercial market. Demand remains strong, and landlords are often able to lease with minimal incentives, typically limited to standard rent holidays. As with residential leasing, properties that present well and are proactively maintained are attracting tenants more quickly. Simple improvements, such as replacing carpets, servicing roller doors, installing LED lighting, and tidying up landscaping, are helping properties lease faster than those left looking dated or neglected. These investments also support tenant retention, as tenants are less inclined to relocate given the costs involved. While there is still some demand for office space, this segment remains slower to lease, with landlords often needing to offer larger incentives; for example, one month’s rent holiday per year of the lease term. Retail continues to be the most challenging sector, with leasing activity slow. We are seeing retail spaces being converted to entertainment venues, with former furniture showrooms now being leased to golf simulator studios for example.
We have had several residential customers expand into commercial recently – be sure to speak to Lauren Daly or Blake Greenhalgh if you’re looking to invest in this area. We don’t sell property, but our team can help you understand the market and we can point you in the right direction if you need an agent to work with.
What’s happening at Aspire?
We are excited to welcome some very experienced property managers onto the team as we expand with our customer base. Sonia Retter, Aimee Julian, Jordan Brown and Patricia Stenier have all started over the last six months and collectively they have 45 years of property management experience! We have reached the finals of the 2degrees Auckland Business Awards in the Excellence in Customer Experience category. We eagerly await the results announced on the 11th December. We now have 30 staff zooming all over Auckland, Hamilton and Tauranga keeping our customers’ rental properties operating at their best! We manage 1,089 properties – 1,028 residential and 61 commercial. We are proud that our business is continuing to grow in these challenging times. Our maintenance team has recently expanded with the addition of Jesse Jenkinson, a qualified builder who brings valuable expertise to Aspire. We have recently sponsored two local communities – Milford School and the Takapuna Cricket Club. We had a lot of fun at the Milford School Colour Run, so much that we have signed up for next year’s event already!
Latest Trade Me charts.
Why join Aspire?
We score 4.9 on Google with over 500 reviews. We don’t lock you into a contract, so we have to provide an excellent service to keep our customers. We care about our owners and our tenants, and we are passionate about providing the best property management offering in the market. We don’t add fees to maintenance bills and there are no hidden fees. We go the extra mile, and we love doing it. Join us today and see why our customers are so happy!