Different Summer Reactions from Wellington Suburbs

The summer market is heating up as tenants, landlords and property managers alike are preparing themselves for the upcoming busy season.

It appears tenants in the more family-oriented suburbs like Vogeltown, Newlands, Strathmore Park and Lyall Bay are preferring to stay put at the moment, with today’s listings in these suburbs decreasing by at least 73% compared to 7th December 2015.

On the other side of the spectrum, property availability has significantly increased in the primarily student-oriented suburbs of Newtown, Aro Valley and Mount Cook, with 257% more properties listed in Newtown and 180% more in Aro Valley compared to 7th December 2015.

While it can be difficult to pinpoint the specific reasons for this increase, it could be because landlords are proposing a higher rent to extend the tenancy, and with university finishing this month, it’s possible student tenants are not prepared to re-sign at a higher rent and instead will go home for summer and re-enter the market next year.

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