The Wellington rental market has continued to be active throughout the year, whereas we usually see fluctuations with a quiet period through winter. But, we’re about to start moving into the busy season, so with that in mind we ought to update you on the current rental market, what the forecast looks like and what you can do if you’re looking for your next rental.
What the numbers are saying
Current figures show Wellington is just as expensive to rent in as Auckland. The median rent in the Wellington region has jumped $60 per week in the last 12 months to $550 per week in August, on par with Auckland’s median rent, according to the latest Trade Me Rental Price Index.
But the ever-increasing rents are not only limited to Wellington City. As more people are heading out of the city, it is causing rents to rise further in other parts of the region. The median rent in Upper Hutt has climbed 33 percent on August 2018 to $485 per week while rents in Lower Hutt rose 14.6 percent to a new record of $550 per week. And the median weekly rent in Porirua hit a new high after a 15 percent jump to $570 per week.
Where are the properties?
Trade Me Property’s Aaron Clancy said “Supply is the biggest issue in Wellington for both rentals and properties for sale. Without more rental properties coming onto the market we’re going to see rents increase further”.
The number of rental properties available to rent in Wellington has fallen 11 percent in the last year.
What’s being done?
The Government has recently made changes to the Home Start Grant, which now allows first home buyers to have a smaller deposit in order to help them buy their first home, and get them out of renting. Before these changes first home buyers were required to have 10% of the deposit and the Government would contribute the other 10%, now first home buyers only need 5%. In theory this sounds great but the amount of affordable properties or properties in general for sale in the Wellington region are few and far between.
What can you do?
With summer almost here and it normally being the busy period with a new influx of students looking for accommodation, and no sign of relief from the lack of supply of rental options, we would expect to see more records broken with the volume of people showing interest in properties, and even higher rents. But if you want to stand out from everyone else when you’re looking for a rental, make sure you read our guide for putting your best foot forward to impress a property manager or landlord, which could help your chances at securing the rental.
For queries, questions or a no-obligation free quote contact Keith at firstname.lastname@example.org