Canadian rents plummet alongside population growth

I reported on Thursday how New Zealand’s rental growth has plummeted in response to the sharp decline in net overseas migration, which fell to only 10,628 in the year to August 2025, down from a decade average of 49,000.

As illustrated below by Justin Fabo from Antipodean Macro, the collapse in net migration has helped drive New Zealand rental growth to unprecedented lows:

Nationally advertised rents on Trade Me and Realestate.co.nz declined by 1.6% and 3.1%, respectively, in the year to September.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.