Wellington’s Rental Market Cools Alongside the Weather
As the chill of winter sets in across Wellington, it’s not just the temperatures that are dropping — the local rental market has also taken a noticeable turn. Average weekly rents have eased to $673, reflecting an 8% dip year-on-year. With more than 1,600 properties currently on the market — well above the five-year average of 999 — renters are now enjoying a greater level of choice than we’ve seen in recent times.
Demand has softened, enquiry levels are down, and properties are taking longer to let — with an average of 21 days on the market. In many cases, homes are seeing fewer initial enquiries, and the competition among landlords is heating up. In this shifting landscape, flexibility is proving to be a key advantage. We’re advising landlords to consider negotiating on rent, allowing extra time for tenants to move in, and offering added incentives such as whiteware (think fridges and washing machines) to help their property stand out.
The premium end of the market is feeling the pressure too. Properties asking upwards of $1,200 per week are seeing slower uptake, as tenants weigh up more affordable options in the $800 to $1,000 range that still offer high quality. For those marketing top-tier homes, now is the time to be sharp — pricing, presentation, and a willingness to adapt will be critical to securing tenants.
That said, homes that are well-presented, offer off-street parking, and feature modern finishes continue to lead the way. Conversely, older properties or smaller one-bedroom units are tending to linger on the market. The importance of pricing correctly from the outset cannot be overstated — overpricing in today’s climate often leads to prolonged vacancies and, ultimately, greater losses.
On a more proactive note, we’re seeing many landlords using this quieter period wisely, undertaking upgrades that will not only enhance appeal but boost long-term returns. With the final Healthy Homes compliance deadline approaching on 1 July 2025 for all tenancies, now is an opportune time to ensure properties meet the standard. If you’re yet to tick off the necessary work, don’t delay — our team can assist with assessments, quotes, and coordinating improvements.
At Tommy’s, we’re committed to helping you navigate the evolving market and make the most of your investment. Whether you need a fresh rental appraisal or guidance on compliance and upgrades, we’re here to help — just get in touch.