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January traditionally marks the beginning of Wellington’s busiest leasing period, and 2026 is no exception. Enquiry levels are lifting across most suburbs as tenants return from the summer break and prepare for work and study commitments.

Importantly, we are also seeing a strong influx of students actively looking to secure rental accommodation ahead of the university year, which starts shortly. This seasonal demand is adding momentum to enquiry levels, particularly for well-located apartments, flats, and properties close to transport links and tertiary campuses.

That said, the market landlords are operating in this year is notably different to the conditions seen during the post-COVID peak. Supply remains elevated, and this continues to shape pricing, vacancy periods, and tenant behaviour.

A tenant-led market (for now)

Wellington is currently experiencing one of its most competitive rental environments since 2020. While demand is present — including from students, professionals, and returning residents — tenants have more choice and are taking longer to commit. This means landlords need to be deliberate about pricing and presentation from day one.

Properties that are priced above true market rent are typically sitting longer and then requiring reductions later. In contrast, homes that launch at the right level are still leasing efficiently and attracting stronger tenant profiles.

The key message for landlords:
Early pricing accuracy is far more effective than chasing the market after a slow start.

We are seeing greater sensitivity to rent levels across all property types — particularly older stock and homes without recent upgrades. Even a small mismatch between asking rent and market reality can add weeks of vacancy, which quickly outweighs the benefit of holding out for a higher figure.

For landlords, the focus in this market should be on:

• Minimising vacancy
• Securing long-term, reliable tenants
• Protecting net yield rather than headline rent

What’s leasing well right now

The strongest-performing rentals in January are those that:

• Are well maintained and presented at listing
• Have clear, professional marketing and photography
• Are priced in line with current comparable properties
• Offer flexibility where possible (including pets, which continue to attract higher enquiry)

Student demand is particularly strong for properties that are ready to occupy immediately, meaning delays caused by maintenance or incomplete preparation can result in missed opportunities during this peak leasing window.

We expect January and February to remain the most active leasing months of the year, driven in part by students securing accommodation before the academic year begins. While competition between landlords is still present, properties that are positioned correctly should achieve good outcomes.

For owners, 2026 is shaping up as a year where strategy matters more than ever. Proactive decision-making, realistic pricing, and responsive property management will be key to maintaining performance in a softer market.

At Tommy’s Property Management, we are advising landlords to take a measured, data-driven approach. That includes:

• Honest rental appraisals based on live market data
• Tailored leasing strategies for each property
• Clear guidance on when to hold firm and when to adjust

In a market like this, having the right advice at the right time can significantly reduce vacancy and protect your investment.

If you’d like a tailored rental appraisal or advice on positioning your property for the remainder of the summer leasing season, our team is here to help.