Mild winter weather boosts Wellington rental market activity | July 2023
The mild winter weather in Wellington has brought about a positive impact on the local rental market, leading to increased activity and resident movement. Favourable weather conditions can often encourage individuals to actively search for and move into new rental properties.
Along with covering our local base with advertising, Tommy’s in partnership with Trademe now automatically lists rental properties on six property portals around the world, which allows a greater degree of access to our rental offering for those relocating to Wellington from overseas including the US and Australia which will likely have a positive impact on our shorter-term furnished options.
We have also enjoyed a steady level of new homes and apartments coming to the market for rent, with some clients choosing to delegate the responsibility of their current rental to the professionals in addition to a number of owners moving for work overseas or in other parts of the country and employing us to manage their home while they are away.
In Wellington, the traditionally quiet months of winter have seen good levels of resident enquiry. Modern two/three-bedroom townhouses and larger-family homes have remained popular options among renters. However, there has been a slowdown in the demand for unfurnished one-bedroom apartments without car parking.
Nevertheless, property owners have various options available to them to encourage residents to sign rental agreements. When a property remains vacant for an extended period, it is typically due to one of two reasons. Firstly, there may be maintenance or other issues with the house that deter potential residents. Secondly, the property may be overpriced compared to other comparable properties currently listed. Property owners can overcome the first challenge by addressing the second. Pricing the property in line with current market rates and ensuring it is well presented, clean, and warm can attract quality residents in short order and having residents in place for a slightly lower weekly rent can produce a better result than waiting extended periods to secure a premium.
If property owners are facing challenges in managing their rental properties or portfolios, or if they simply require assistance or advice, they can reach out for support. We offer free, no-obligation rental appraisals and advice to help property owners navigate the rental market effectively. Our team is dedicated to assisting property owners in maximizing the potential of their investments.