A Tenant’s Market in Wellington: What Landlords Need to Know
Right now, it’s safe to say that tenants in Wellington have the upper hand. With the average weekly rent dropping to $673—a notable 8% decrease compared to this time last year—and more than 1,600 rentals currently on the market (well above the five-year average of 999), renters have an abundance of choice.
This surplus in supply is having a noticeable impact. Enquiry levels are down, with most listings receiving fewer responses in their first week online than we’ve previously seen. On average, properties are now sitting on the market for 21 days before being tenanted—meaning landlords are having to be more adaptable to secure good tenants.
In this environment, a little flexibility goes a long way. We’re seeing successful outcomes for landlords who are open to negotiation—whether that’s adjusting the rent, providing additional time for tenants to move in, or offering essential appliances like a fridge or washing machine. Small touches like these can tip the scales in your favour.
At Tommy’s, we’ve been proactively adjusting rental prices across many listings to keep in step with current market conditions. Accurately pricing a property from day one is key—especially now. Holding out for a higher rent may seem appealing, but in this climate, it often leads to prolonged vacancies and, ultimately, a greater financial loss.
Well-presented homes with off-street parking and modern finishes are still performing strongly. In contrast, older properties with minimal updates—particularly one-bedroom units—are proving more challenging to let.
Our advice to landlords is simple: be realistic, be responsive, and make your property stand out. A competitive rent and a little added value can make all the difference when tenants have this many options at their fingertips.
As always, Tommy’s is here to support you. We’re keeping a close eye on the ever-shifting rental landscape and are well-equipped to help landlords adapt and thrive. If you’d like an updated rental appraisal or tailored advice on how to attract the right tenants, get in touch with our experienced property management team today.