#MARKETUPDATE

Just like most years the start of the of the year for property managers is pretty hectic, the rush of students heading back for university as well as updating current leases keeps us busy.

We’ve also seen the usual media coverage showcasing the lack of properties for rent around the country and of course here in Wellington. And we’re seeing a record number of people turning up to viewings around the city yet again.

Earlier this month it was announced that Wellington was the most expensive place to rent in the country. Figures released by Trade Me showed the average asking rent in Wellington was $595, which is $45 a week more than renters pay in Auckland City. Trade Me’s national average rent is $480 per week.

Properties listed on Trade Me have also seen a rush of enquiries, with one property in Newtown having over 140 requests in its first two days being online.

Many Wellingtonians have become accustomed to the rental madness at this time of the year, but for some beating the rush started long before 2019 started, meaning that this isn’t just a seasonal problem anymore but is becoming a year round issue.

With tight supply and growing demand of rental properties in the region, we would think that there will still be record breaking rents to come. The continuing rise of house prices in Wellington isn’t helping either, as people are renting longer to save for a deposit, meaning there are less properties becoming available to rent.

However, rents in the outer suburbs are slightly better, although still breaking records at a weekly median rent of $550. We’ve heard of people leaving the city and moving to Lower Hutt, Porirua or even further out chasing the slightly lower rent.

There’s no doubt about it, Wellington is running out of rentals and the solution for this to be fixed is a long way off. There needs to be more done by local and central Government to help ease the pain and stress for people who are struggling to find somewhere to live.

 
Bianca Stables