Whether you are considering investing in property or have already invested, you’ll want to read our latest insights on the residential Wellington rental property market.
Prediction for the Coming 12 Months
Early signs indicate an average market rent increase of around 6% this Summer. The past month has seen strong demand from prospective tenants hoping to obtain a rental property available in January and February. This is driven by the continuing shortage in supply of rental properties in Wellington caused by population growth. In Wellington alone, the population is estimated to increase by 4,083 in 2019-2020 according to the City Council. It’s unlikely enough developments will be built in time to accommodate this growth.
Prediction for 2021
By Summer 2021 significantly more developments are expected to be available for rent. These new properties will soak up demand, affecting rental properties that are in a more tired state. At this time we expect to see a split in the market with new and well-maintained properties attracting the best tenants and highest rents at the expense of more dated properties. Fortunately, those properties which haven’t been refreshed in recent years have a 12-month window to make those improvements before the supply of new builds start to affect the marketability of these properties.
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Quinovic Kent Terrace | Wellington
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Quinovic Johnsonville | Wellington
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Quinovic Hutt Valley | Wellington