We’re almost halfway through the year and the topic of rent seems to have quietened down in the New Zealand media. Yet the market continues to move, so this week I investigated the rent movement over the past 5 months to see how Wellington rents have changed now that we’ve entered winter.
What’s interesting is that the Wellington mean rent at the beginning of the year started out at $439, before leaping to $468 in February as more landlords reacted to the huge tenant demand in Wellington, then remained high in March at $454, aligning itself with the still present high tenant demand.
Now that we’ve entered winter, as expected the lower tenant demand has caused rents to significantly decrease to $436. Yet despite this decrease, rents are still relatively high compared with recent years. This is following the usual trend of rents peaking during the summer months and then decreasing in winter. We expect rents to rise again in the coming summer months, then lower in the winter next year, following its usual roller-coaster pattern.