Net Migration Has Plummeted - Here’s What That Means for Your Short-Term Rental

By Scott Mears - Aspire PRO Enterprises

If you’ve been wondering why it’s taking longer to fill your short-term rental or why your property manager is suddenly suggesting “a free week’s rent” - you’re not alone.

New Zealand’s rental market has hit a tough patch. And the biggest culprit? Net migration.

Migration Numbers Are Down—Way Down

Stats NZ just dropped the latest figures:
Year to March 2024: 100,400 net migrants
Year to March 2025: 26,400 net migrants

That’s a whopping 74% drop. And here’s the kicker, most of that drop is in non–New Zealand citizens, who are far more likely to rent than buy.

Fewer renters means more listings sitting empty. And that’s exactly what we’re seeing.

Why It Matters for STRs

STRs rely on people moving around - tourists, relocators, short-term workers, students. When fewer people are arriving in New Zealand, you’re left with fewer guests, longer vacancies and more competition from landlords trying to offload unsold homes onto the rental market.

What’s happening now?

• Oversupply is real. Rental listings are up 15% year-on-year in Auckland, and a whopping 22% in the Waikato.

• Demand is softening. Search activity is down across all major regions. Tenants have more choice, and they’re taking their time.

The Hidden Risk for DIY STR Owners

Here’s the uncomfortable truth: in a challenging market, self-managing an STR is like trying to paddle upstream. High guest turnover, compliance pressure, and pricing headaches only add to the stress.

If you’re not already hands-off, now’s the time. STRs still work—but only when the hassle is out of your hands.

What Smart Owners Are Doing

✔ Getting pricing right. In this market, overpricing kills bookings.
✔ Targeting mid-term tenants. Think 1–3 month stays for relocators or temporary workers.
✔ Staying flexible. Short leases, inclusive utilities, and pet-friendly policies can tip the scales.
✔ Retaining great guests. Happy tenants = more repeat bookings = less stress.

Final Word

A 74% drop in net migration isn’t just a stat - it’s a signal. The short-term rental game is shifting, and owners are adapting.

If your STR isn’t performing like it used to, it’s not just the property - it’s the people. Or more accurately, the lack of them.

Need help navigating the shift? Let us handle the stress. You enjoy the returns.