This follows a substantial +11.6 per cent year-on-year increase, significantly outpacing the next highest region, Southland which was up +6.8 per cent.

While prices for the Otago region have increased, supply is down with listings on site falling by -19 per cent between November and December, compared to a drop of -13 per cent nationally.

Trade Me Property's Customer Director, Gavin Lloyd notes the month-on-month drop in rental listings is a consistent seasonal trend, for both the Otago region and rental listings across the motu.

“This downturn can largely be attributed to the Christmas break, a time when prospective renters may hold off on their search until after the summer holiday,” says Mr Lloyd.

“Looking at Otago, the larger drop in supply could be due to a few factors including the cadence of university students sourcing rental accommodation in Dunedin, as well as increasing property costs which could force landlords to sell or increase the rent they charge tenants.”

December Rental Price Index 2024

Modest shifts in rental prices elsewhere

Highest listings on site, a spotlight on the Top Three

Decreased Demand for Larger Rental Properties