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New data from realestate.co.nz shows weekly average rents rose by 7.8% in Nelson and Bays, with new listing and stock also seeing an increase. Rents in Nelson have hit a record high, with demand continuing to push prices up despite a broader easing across the country.
New data from realestate.co.nz shows the average weekly rent in Nelson and Bays rose to $617 in April, up 7.8% from $573 a year earlier.
The increase highlights ongoing pressure in the local rental market, with Nelson one of just two regions, alongside Waikato, to record a new average rent high.
Realestate.co.nz spokesperson Vanessa Williams said the figures reflected strong demand in the region.
“While many parts of the country are seeing some relief, Nelson continues to show strong demand for rental housing,” she said.
Local rental supply has also lifted slightly. In Nelson, total rental stock rose 7% in April compared to a year earlier, increasing from 84 to 90 listings, and was up 15% on March.
New listings increased 13.6% year-on-year, from 59 to 67, although they were down 19.3% compared to the previous month.
Williams said the increase was “technically defying the laws of supply and demand” given a healthy number of homes were coming onto the market.
“When you look at the types of properties coming on, there are some really quite nice homes, and I wonder if that’s tipped the average over the edge.”
She said rents had been trending upwards for some time, and it was always important to watch for a trend.
Realestate.co.nz spokesperson Vanessa Williams said the increase was “technically defying the laws of supply and demand”.
“This hasn’t come out of nowhere,” she said. “I wouldn’t say it’s a one-off. It’s been building over the year.”
She said the increase could also reflect changing behaviour in the market.
“There may be a combination of people continuing to see value in the rental market, or perhaps selling homes and moving into rentals, which could also be pushing up the average.”
Despite the increase in available properties, supply remains relatively tight, with demand continuing to support higher prices.
Nationally, rents had eased slightly, with the average weekly rent falling 1.4% to $631 — almost $30 below the peak recorded in May 2024.
Williams said the shifting figures showed how quickly conditions could change.
“For renters, it’s a noticeable change from the pressure we were seeing at the peak, but it also shows how quickly market conditions can move,” she said.
She said demand for quality rental housing remained strong, even in regions where prices had softened.
Nina Hindmarsh • Reporter [email protected]
May 7, 2026
Photo credit: Braden Fastier / Nelson Mail
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The latest data from the Real Estate Institute of New Zealand (REINZ) shows a steady but cautious market across the Top of the South.
Mar-26
Feb-26
Mar-25
Nelson
710,000
738,768
650,000
Tasman
794,000
674,000
655,000
Marlborough
710,000
860,000
851,000
Nel/Marl/Tas Region
749,000
760,000
738,000
Source: REINZ, Data Compared to March 2025, REINZ Monthly Property Report Published April 2026.
Properties are selling faster, with the average days to sell now at 38 days. Four days quicker than March 2025. Sales activity also increased 32.4% from February, reflecting a lift as buyers returned to the market after summer.
Median prices dipped slightly, down 1.4% from February, but are up 1.5% compared to March last year, indicating overall price stability.
The market continues to be driven by owner-occupiers and first home buyers, with less activity from investors and the top end. At the same time, higher stock levels are seeing vendors price more realistically to meet the market.
Open home attendance has remained consistent throughout campaigns. While fewer auctions were held, those that did take place achieved solid clearance rates.
Market sentiment remains cautious. Buyers are active but more considered in their decisions, influenced by wider economic factors. With stock levels still elevated, both buyers and sellers are approaching the market carefully.
Overall, conditions are balanced. Well-presented and well-priced properties continue to attract interest and achieve results.
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Book your free rental appraisal or learn more here
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