Rising supply and falling demand is pushing down rents

New Cotality analysis of MBIE data shows the national median rent dropped 0.3 percent 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 says 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.