NZ’s Rental Homes Are Ageing – And the Clock Is Ticking With insights from Property Brokers’ June 2025 Regional Rental Report

David Faulkner, General Manager of Property Management at Property Brokers

As the 1 July 2025 Healthy Homes Standards deadline draws near, Property Brokers’ latest Regional Rental Report reveals a stark truth - New Zealand’s rental homes are getting older, and the time to act is running out.

The report, compiled from over 8,000 active rental properties across regional New Zealand, shows that the average rental home was built in 1968. In some areas, like Dunedin and Oamaru, active rentals date as far back as the 1940s.

That means many of today’s tenants are living in homes older than their grandparents - and landlords are facing mounting pressure to bring these properties up to standard.

A pressing challenge - and a clear opportunity

David Faulkner, General Manager of Property Management at Property Brokers, says the data is a wake-up call.

“We manage a significant number of older homes, and retrofitting them to meet the Healthy Homes Standards is now more urgent than ever,” says Faulkner.

“But this isn’t just about compliance - it’s an opportunity to add value. A warm, dry home is not only better for tenants, but also attracts longer stays and better returns.”

Faulkner adds that while upgrades come at a cost, the price of non-compliance—fines, lost income, and tenant churn - is often far greater.

What the data tells us

The Regional Rental Report, co-authored by Professor Graham Squires of The Property Knowledge, paints a complex picture of New Zealand’s rental landscape. Some key takeaways:

• Papamoa tops the chart with the highest average rent at $697 per week. Interestingly, its average stock age is still 1997.

• Rolleston and the wider Selwyn District feature the youngest rental stock—thanks to Christchurch’s post-quake building boom.

• Dunedin (1945) and Oamaru (1952) have the oldest average rental properties in the sample.

• Longer tenancies are more common in older homes, such as Carterton (average tenancy 43 months), despite the need for more upkeep.

• In contrast, newer builds in Rolleston and Papamoa see shorter tenancy durations, averaging just 12–16 months.

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Professor Squires highlights the importance of regional context:

“This isn’t a one-size-fits-all situation. Our housing stock is shaped by local development history, economic viability, and tenant preferences. While newer homes are being built, especially in growth areas, much of the rental market still relies on mid-century housing stock.”

Age isn’t everything - compliance is key

One of the more surprising insights is that older doesn’t always mean cheaper. While Dunedin’s older homes average around $560 per week, areas like the Kapiti Coast and Te Puke combine older stock with higher rents - proving that age alone doesn’t dictate value.

What does matter is condition. The Healthy Homes Standards set minimum requirements for heating, insulation, ventilation, drainage, and moisture control. Meeting them not only satisfies legal obligations - it makes homes healthier and more liveable.

Final call for landlords: don’t leave it too late

Property Brokers is urging landlords to take action now if they haven’t already.

“There’s still time to get it right,” says Faulkner. “Aging stock is a reality in regional New Zealand, but it doesn’t have to be a liability. Future-proofing your rental is good for your investment - and great for the people who live there.”

With the compliance deadline less than a month away, the message is clear: tick the boxes, invest in quality, and turn older rentals into high-performing, tenant-friendly homes.