Good news for renters as prices are on the decline. 

At least a third of those taking out new tenancies this year are paying less in rent than the prior tenants, according to Ministry of Housing and Urban Development data. 

TradeMe Property has also seen rents fall, with supply outstripping demand. They say the market is offering more options and less competition.  

New Zealand Property Investors Federation President Peter Ambrose told Kerre Woodham the reason behind increased supply is twofold. 

He says there’s been a fair bit of new construction coming onto the market, and at the same time, people are increasingly leaving major cities and the country itself. 

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