Wellington Rental Market Update July 2025

Since our latest update on the market things haven't improved much for Wellington landlords unfortunately. The typical Winter season drop in demand was well and truly felt by the team with reduced demand for property and lower enquiry levels.

Latest statistics from RealEstate.co.nz paint a pretty gloomy picture of the rental market, with noted statistics including an 82% rise in new listings added to their site in June versus the same month last year. The national Median rent has also dropped to $636 per week with Wellington recording the greatest level of average rent drop at 10.9% lower when compared to June 2024. 

There are still over 1,600 properties advertised for rent in Wellington on TradeMe, showing that the supply of property remains high giving plenty of choice to the prospective tenants who are shopping around.

With the continued shift in demand and supply, and the news coverage surrounding the pressure on rent levels, tenants are definitely more knowledgeable of the market conditions and are negotiating and applying for multiple properties. Current tenants are also becoming more aware of market conditions, which is a key aspect to consider when it comes to tenancy renewal time.

Despite the challenging conditions, the team are battling through and ensuring that our properties are getting good coverage on the property portals, utilising our Virtual Tour offering and being flexible with viewing arrangements for prospective tenants. June was another reasonably busy month with 75 viewings conducted and 45 applications received resulting in 17 properties being let.

For advice or guidance on your investment property please get in touch with the team and we can put together a tailored approach to marketing and discuss your options.