Wellington Suburbs with the Highest Rental Rates
As we step into 2024, Wellington's rental market exhibits interesting dynamics. Porirua and Upper Hutt lead as the most expensive areas in Wellington for rental properties, with a median weekly rent of NZ$650. This aligns with the broader Wellington average, where the mean weekly rent hovers around NZ$670.
The rental costs vary notably by the size and type of accommodation. In Wellington's central city, a single person can secure a one-bedroom flat for approximately NZ$450 per week. For those requiring more space, a two-bedroom apartment in a central location averages NZ$650 per week, while a three-bedroom flat in downtown Wellington stands at around NZ$915 per week.
For a more budget-friendly option, Lower Hutt offers rentals ranging from NZ$450 for a studio to NZ$650 for a three-bedroom house. Interestingly, renting just a room in Wellington could cost around NZ$315 per week, showcasing the wide range of options available across different suburbs.
Suburbs with the Strongest Growth in Rental Prices
Wellington's property market has witnessed significant shifts in rental prices over the years. In 2023, the median house price in Wellington was NZ$787,000, up from NZ$420,000 a decade earlier, indicating a steady increase in property values. This rise in property prices indirectly influences the rental market, as higher property values often lead to increased rental rates.
While specific data on the annual growth rates of rental prices in Wellington suburbs is not readily available, the general trend indicates a gradual increase. Suburbs like Te Marua and Wilton, though differing in property price growth rates, reflect the evolving dynamics of Wellington’s property market.
Te Marua, for instance, experienced the fastest-growing house prices in Wellington at -4% per year, while Wilton grew at a slower rate of -15% per year.
Wellington's rental market in 2024 is a blend of high-cost areas like Porirua and Upper Hutt and more affordable options in Lower Hutt. The varying rental prices across different suburbs cater to diverse budgets and lifestyles.
Source: Tenancy Service Market Rent
While the data points towards a general increase in rental rates, the market remains dynamic, influenced by factors such as property value trends, demand for housing, and the overall economic climate of the region. For those considering renting in Wellington, it's crucial to stay informed about the latest trends and developments in the rental market to make well-informed decisions.
To get a concrete understanding of your property's potential rental price in Wellington, get a quick and free rental appraisal through our online tool.