Wellington Rents Drop to Lowest Since 2022

Across the motu, the national median weekly rent continued to fall to $620 per week in June, down $20 since January.

After reaching $650 in May last year, the national median rent steadily eased to $635 in March and $630 in April. While it held steady in May, in June it dropped again to $620, a welcome trend for renters nationwide.

This June figure represents an overall 3.9 per cent year-on-year decrease with supply increasing 20 per cent in the year to June while demand cooled 18 per cent.

Trade Me Property Spokesperson Casey Wylde said, "the easing of rental prices, coupled with increased listings and less competition, is creating a more favourable environment for renters, offering them more choice and potentially better negotiating power."

While Wellington boasts the most significant annual drops, the rest of the country was a mixed bag.

The lower South Island continues to see annual rent increases. Southland still leads the pack for year-on-year increases, up 6.7 per cent to $480. Otago also maintained strong year-on-year growth at 3.4 per cent to $600.

Wellington's rent declines affected all property sizes and urban dwelling types in June.

Large properties (5+ bedrooms) saw a 9.1 per cent drop to $900, while three to four-bedroom homes fell 6.7 per cent to $700. Smaller properties (1-2 bedrooms) recorded a 8.3 per cent drop to $550 in June.

When we look at urban properties (townhouses, apartments and units) specifically, Wellington's market experienced an overall 7.6 per cent decrease. This includes a 9.3 per cent drop to $535 for apartments and a 4.4 per cent drop for townhouses to $650, with units remaining steady at $520. Auckland and Christchurch also saw declines across various property types.