Tenants are making the best of falling rents in Christchurch, with rents now back where they were nearly five years ago.

On average, tenants are paying nearly $60 a week less than when rents peaked after the Canterbury earthquakes. The median rent of properties let out during May was $363, down from an early 2015 peak of $431, bond figures show.

Brent Manderson, of Harcourts Accommodation Centre, said tenants were being more choosy about location.

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