Airbnb rates in Christchurch have fallen for the first time in five years, as hosts flood the market before the new stadium opens.

The Press reports average short-term rental income dropped to $105 a night last year - down $2 annually.

Construction market analyst Mike Blackburn says multi-unit builds are dominating the city, with some apartments just 39 square metres with no carpark.

"These are units that are part of 20 or 30 units in a block, and they're specifically being built and being marketed and sold as Airbnb units."

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