Rental property demand's plummeting - in large part due to the cost of living

Trade Me's May Rental Price Index reveals the median weekly rent's held steady at 650 dollars.

Demand's dropped for a seventh consecutive month - down 30 percent on the year before.

Property Sales Director Gavin Lloyd says demand usually tapers off in winter.

But he says a factors including slowing migration and increasing affordability are also at play.

He says the cost of living is impacting people - so many are choosing to stay put in their current rentals.