Wellington Rental Market Review - May 2025

Conditions in the Wellington market remain relatively challenging with supply of rentals in Wellington remaining high - in fact, at one point last week stock on TradeMe had risen to above 1,600 advertised properties which is the highest we have seen in a long while.

The team conducted 78 viewings over the month of April, with 39 applications as a result of this, converting to a total of 16 properties tenanted so far.

Our most popular listings this month have been smaller properties - with one and two bedroom properties taking out four of the top five listings viewed and enquired on over the month.

We are still seeing that good tenants are having more choice and some properties are being advertised with incentives such as grocery vouchers or free rent periods to try and encourage enquiry.

Our experience however is that most tenants would be motivated by other factors, such as pricing, presentation and features of a property over a one off incentive. In fact we recently tenanted a property which had been previously advertised with another agency and the key differences in our campaign was an accurate description of the property noting key features plus professional photos and floor plan.

As we head into the cooler months, the market usually becomes quieter however at this stage demand seems relatively static so we are hoping this will continue over the coming months and demand for rental property does not reduce further.

For a no obligation chat about your rental property or a free rental appraisal please get in touch with the team!