the podcast on
Rising supply and falling demand is pushing down rents.
New Cotality analysis of MBIE data shows the national median rent dropped 0.3% in the year to May.
That's the first time the rent has dropped in more than 15 years.
Aspire Property Management's Managing Director Mike Atkinson told Mike Hosking housing supply is increasing at the same time incomes are falling in real terms.
He says there's also been a huge drop-off in net migration, with fewer people coming into the country.
However, there could be some good news on the way for landlords.
Atkinson says things should pick up over summer, when migration typically increases.
LISTEN ABOVE
Take your Radio, Podcasts and Music with you
Get the iHeart App
Get more of the radio, music and podcasts you love with the FREE iHeartRadio app. Scan the QR code to download now.
Download from the app stores
Stream unlimited music, thousands of radio stations and podcasts all in one app. iHeartRadio is easy to use and all FREE
