Authored by the expert who managed and guided the team behind the New Zealand Property Pack
Yes, the analysis of Wellington's property market is included in our pack
If you are a foreigner thinking about buying an apartment in Wellington, you probably want to know what kind of rental income you can realistically expect.
This guide breaks down everything you need to know about rental yields, rent levels, and the costs that will eat into your returns in Wellington's apartment market as of early 2026.
We update this blog post regularly to keep the data fresh and relevant for buyers making decisions right now.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Wellington.
What rental yields can I realistically get from an apartment in Wellington?
What's the average gross rental yield for apartments in Wellington as of 2026?
As of early 2026, the average gross rental yield for apartments in Wellington sits around 4.5% to 5%, which is respectable but not exceptional by global standards.
In practice, most apartment investors in Wellington will see gross yields somewhere between 4.2% and 5.6% for standard long-term rentals, though new-build apartments often compress to 3.6% to 4.6% because their purchase prices are higher relative to achievable rents.
The biggest factor that swings Wellington apartment yields is the building's seismic rating and any associated body corporate levies for earthquake strengthening, which is a uniquely Wellington concern that can add tens of thousands of dollars to annual ownership costs and dramatically change your return profile.
Compared to Auckland, Wellington apartments tend to offer slightly better gross yields because purchase prices are lower relative to rents, but Wellington also carries more seismic and government employment cycle risk that Auckland does not face.
What's the average net rental yield for apartments in Wellington as of 2026?
As of early 2026, the average net rental yield for Wellington apartments lands somewhere around 2.8% to 3.3% after all costs are accounted for.
Most apartment investors in Wellington can realistically expect net yields between 2.6% and 3.9%, with self-managing landlords in lower-fee buildings hitting the upper end and those in high-amenity towers with expensive body corporate levies landing at the bottom.
The single biggest expense that eats into your gross yield in Wellington is the body corporate levy, which can run anywhere from 10% to 25% of your annual rent equivalent and is often inflated by seismic strengthening reserves, lift maintenance, and building insurance costs that have spiked in recent years.
By the way, you will find much more detailed data in our property pack covering the real estate market in Wellington.
What's the typical rent-to-price ratio for apartments in Wellington in 2026?
As of early 2026, the typical rent-to-price ratio for Wellington apartments is around 0.38% to 0.42% per month, which translates to roughly 4.6% to 5% gross yield annually.
Most Wellington apartment transactions fall within a monthly rent-to-price ratio of 0.35% to 0.47%, with the lower end representing premium new-builds and the higher end representing older, more affordable stock in less central locations.
Apartments in suburbs like Newtown, Kilbirnie, and Berhampore tend to have the highest rent-to-price ratios because purchase prices are more modest while rents remain supported by strong local demand from hospital workers and young professionals priced out of the central city.
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How much rent can I charge for an apartment in Wellington?
What's the typical tenant budget range for apartments in Wellington right now?
In early 2026, the typical tenant budget for renting an apartment in Wellington ranges from around NZ$2,000 to NZ$3,500 per month (approximately US$1,160 to US$2,030, or EUR 1,000 to EUR 1,750), depending on size and location.
Tenants looking for mid-range apartments in Wellington generally budget between NZ$2,500 and NZ$3,200 per month (US$1,450 to US$1,860, or EUR 1,250 to EUR 1,600), which typically gets them a decent one or two-bedroom unit in a well-maintained building with good transport links.
For high-end or luxury apartments in Wellington, particularly those with harbour views, secure parking, and modern fit-outs in Te Aro or along the waterfront, tenants budget NZ$3,500 to NZ$5,000 per month (US$2,030 to US$2,900, or EUR 1,750 to EUR 2,500) or more.
We have a blog article where we update the latest data about rents in Wellington here.
What's the average monthly rent for a 1-bed apartment in Wellington as of 2026?
As of early 2026, the average monthly rent for a one-bedroom apartment in Wellington is around NZ$2,600 to NZ$2,800 (US$1,510 to US$1,625, or EUR 1,300 to EUR 1,400).
For an entry-level one-bedroom apartment in Wellington, expect to pay around NZ$2,000 to NZ$2,400 per month (US$1,160 to US$1,390, or EUR 1,000 to EUR 1,200), which typically means an older unit in a suburb like Johnsonville or Kilbirnie, possibly without secure parking or in-unit laundry.
A mid-range one-bedroom apartment in Wellington rents for around NZ$2,500 to NZ$3,000 per month (US$1,450 to US$1,740, or EUR 1,250 to EUR 1,500), and this usually gets you a warm, dry unit in Mount Victoria, Newtown, or the edges of Te Aro with reasonable insulation and perhaps a small balcony.
For a high-end one-bedroom apartment in Wellington, rents range from NZ$3,000 to NZ$3,600 per month (US$1,740 to US$2,090, or EUR 1,500 to EUR 1,800), and at this level you are looking at newer buildings with harbour views, quality fit-outs, and amenities like a gym or secure parking in the central city.
What's the average monthly rent for a 2-bed apartment in Wellington as of 2026?
As of early 2026, the average monthly rent for a two-bedroom apartment in Wellington is around NZ$3,100 to NZ$3,400 (US$1,800 to US$1,970, or EUR 1,550 to EUR 1,700).
An entry-level two-bedroom apartment in Wellington costs around NZ$2,600 to NZ$3,000 per month (US$1,510 to US$1,740, or EUR 1,300 to EUR 1,500), and this typically means an older building in suburbs like Berhampore, Miramar, or outer Newtown, often without a car park or with dated interiors.
A mid-range two-bedroom apartment in Wellington rents for around NZ$3,000 to NZ$3,600 per month (US$1,740 to US$2,090, or EUR 1,500 to EUR 1,800), which gets you something well-maintained in central suburbs like Thorndon, Mount Victoria, or Hataitai, usually with one car park and decent natural light.
For a high-end two-bedroom apartment in Wellington, expect to pay NZ$3,600 to NZ$4,500 per month (US$2,090 to US$2,610, or EUR 1,800 to EUR 2,250), and at this price point you are looking at modern builds in Te Aro or the waterfront precinct with quality fit-outs, views, and building amenities.
What's the average monthly rent for a 3-bed apartment in Wellington as of 2026?
As of early 2026, the average monthly rent for a three-bedroom apartment in Wellington is around NZ$3,800 to NZ$4,200 (US$2,200 to US$2,440, or EUR 1,900 to EUR 2,100).
An entry-level three-bedroom apartment in Wellington rents for around NZ$3,200 to NZ$3,700 per month (US$1,860 to US$2,150, or EUR 1,600 to EUR 1,850), typically in outer suburbs like Johnsonville, Karori, or Kilbirnie, often in older buildings or converted flats without premium amenities.
A mid-range three-bedroom apartment in Wellington costs around NZ$3,700 to NZ$4,300 per month (US$2,150 to US$2,490, or EUR 1,850 to EUR 2,150), which usually means a spacious unit in suburbs like Newtown, Hataitai, or the Wellington Central fringe with reasonable condition and perhaps one car park.
For a high-end three-bedroom apartment in Wellington, rents range from NZ$4,300 to NZ$5,500 per month (US$2,490 to US$3,190, or EUR 2,150 to EUR 2,750), and these are typically modern, large units in premium central locations with harbour views, multiple bathrooms, and secure parking.
How fast do well-priced apartments get rented in Wellington?
A well-priced apartment in Wellington typically gets rented within two to four weeks, though desirable units in high-demand areas like Te Aro or Mount Victoria can go within days of listing.
The typical vacancy rate for apartments in Wellington hovers around 2% to 3%, which is relatively tight and reflects the city's undersupply of quality rental stock compared to the professional workforce based there.
The main factors that cause some Wellington apartments to rent faster than others include the building's seismic rating (tenants increasingly ask about this upfront), whether the apartment is warm and dry (a real concern given Wellington's climate), and proximity to public transport or the central business district where most government and corporate jobs are located.
And if you want to know what should be the right price, check our latest update on how much an apartment should cost in Wellington.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in New Zealand versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
Which apartment type gives the best yield in Wellington?
Which is better for yield between studios, 1-bed, 2-bed and 3-bed apartments in Wellington as of 2026?
As of early 2026, studios and one-bedroom apartments in Wellington typically offer the best gross rental yields, often in the 5% to 5.6% range, while two-bedroom units offer a better balance of yield and tenant stability.
In terms of typical gross yield ranges in Wellington, studios tend to achieve 5% to 5.6%, one-bedrooms around 4.5% to 5.5%, two-bedrooms around 4.2% to 5%, and three-bedrooms around 4% to 4.8%, though individual building and location factors can swing these significantly.
The main reason smaller apartments outperform on yield in Wellington is that the central city has a deep pool of single professionals and public servants who prioritize location over space, keeping demand strong for compact units even when the broader market softens.
Which features are best if you want a good yield for your apartment in Wellington?
The features that most positively impact rental yield for Wellington apartments are a strong seismic rating (tenants actively avoid earthquake-prone buildings), good insulation and heating (Wellington's damp, windy climate makes this critical), and in-unit laundry or at least quality shared facilities.
In Wellington, mid-floor apartments (levels two to five in a typical building) tend to rent fastest because they avoid both ground-floor security and dampness concerns and the premium pricing of top floors that can make units harder to fill quickly.
Apartments with balconies or outdoor space do command a small rent premium in Wellington, typically NZ$20 to NZ$40 per week extra, but this rarely justifies the higher purchase price of such units unless the balcony also comes with exceptional views.
Building features like elevators are essential for any apartment above two floors in Wellington, but concierge services and gyms often add more to body corporate fees than they add to achievable rent, so they can actually hurt your net yield.
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Which neighborhoods give the best rental demand for apartments in Wellington?
Which neighborhoods have the highest rental demand for apartments in Wellington as of 2026?
As of early 2026, the Wellington neighborhoods with the highest rental demand for apartments include Te Aro, Thorndon, Mount Victoria, Newtown, and Kelburn, all of which benefit from proximity to major employment hubs or the university.
The main demand driver in these neighborhoods is walkability to Wellington's central business district and the concentration of government ministries, because public sector workers and contractors form a large share of the city's professional tenant pool and strongly prefer not to commute.
In high-demand Wellington neighborhoods like Te Aro and Mount Victoria, well-priced apartments typically rent within one to two weeks, and vacancy rates hover around 1.5% to 2.5%, which is tighter than the city average.
One emerging neighborhood gaining rental demand momentum in Wellington is Berhampore, which sits just south of Newtown and offers more affordable rents while still being a short bus ride from the hospital and the central city.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Wellington.
Which neighborhoods have the highest yields for apartments in Wellington as of 2026?
As of early 2026, the Wellington neighborhoods with the highest rental yields for apartments include Newtown, Kilbirnie, Berhampore, and Johnsonville, where purchase prices are more moderate relative to achievable rents.
In these top-yielding Wellington neighborhoods, gross rental yields typically range from 5% to 5.6%, compared to 4% to 4.5% in premium central locations where purchase prices are bid up more aggressively.
The main reason these neighborhoods offer higher yields is that they attract solid tenant demand from hospital workers, airport staff, and families who need practical, affordable accommodation, but property prices have not been inflated by lifestyle buyers or investors chasing trophy assets.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of New Zealand. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Should I do long-term rental or short-term rental in Wellington?
Is short-term rental legal for apartments in Wellington as of 2026?
As of early 2026, short-term rentals like Airbnb are legal in Wellington, but they are subject to tax obligations and often restricted by individual building body corporate rules rather than citywide regulations.
The main legal requirements for operating a short-term rental apartment in Wellington include registering for GST if your turnover exceeds NZ$60,000 per year and declaring all income to Inland Revenue, which can add meaningful compliance costs and paperwork to your operation.
There is currently no specific licensing or registration requirement for Airbnb-style rentals at the Wellington city level, but many apartment body corporates have rules prohibiting or restricting short-term letting, so you must check your building's rules before committing to this strategy.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Wellington.
What's the gross yield difference short-term vs long-term in Wellington in 2026?
As of early 2026, short-term rentals in Wellington can achieve gross yields one to three percentage points higher than long-term rentals in peak periods, but this advantage is highly seasonal and comes with significantly more volatility.
A typical long-term rental apartment in Wellington achieves around 4.5% to 5.5% gross yield, while a well-managed short-term rental in a good location might achieve 6% to 8% gross in strong months, but averages closer to 5% to 6% over a full year when you account for low seasons.
The main additional costs that reduce the net yield advantage of short-term rentals in Wellington include platform fees of 15% to 20% of booking revenue, professional cleaning between guests (NZ$80 to NZ$150 per turnover), higher furnishing and replacement costs, and more intensive management time or fees.
To consistently outperform a long-term rental in Wellington, a short-term rental needs to maintain at least 65% to 70% occupancy at rates meaningfully above the long-term weekly equivalent, which is achievable in prime central locations but difficult in outer suburbs.
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What costs will eat into my net yield for an apartment in Wellington?
What are building service charges as a % of rent in Wellington as of 2026?
As of early 2026, typical building service charges (body corporate levies) for Wellington apartments run around 12% to 18% of annual rent, or roughly NZ$4,000 to NZ$8,000 per year (US$2,320 to US$4,640, EUR 2,000 to EUR 4,000) for a standard one or two-bedroom unit.
The realistic range of body corporate levies in Wellington spans from about 10% of rent for simple walk-up buildings to 25% or more for high-rise towers with lifts, pools, gyms, or significant seismic strengthening reserves.
In Wellington specifically, the services that justify higher-than-average body corporate fees are often not amenities but rather earthquake strengthening levies, building insurance (which has spiked dramatically in recent years), and lift maintenance in older towers, so always ask to see the body corporate financials before buying.
What annual maintenance budget should I assume for an apartment in Wellington right now?
A prudent annual maintenance budget for a Wellington apartment is around NZ$3,000 to NZ$7,000 (US$1,740 to US$4,060, EUR 1,500 to EUR 3,500), which covers in-unit repairs, appliance servicing, and minor replacements separate from body corporate responsibilities.
The realistic range of maintenance costs depends heavily on apartment age, with newer buildings (under 10 years) typically requiring NZ$2,000 to NZ$4,000 annually and older stock (20+ years) often needing NZ$5,000 to NZ$8,000 or more as fixtures and fittings reach end of life.
The most common maintenance expenses Wellington apartment owners face annually include heat pump servicing and repairs (essential in Wellington's climate), window and door seal replacements due to wind exposure, and moisture-related issues like mould treatment in buildings with inadequate ventilation.
What property taxes should I expect for an apartment in Wellington as of 2026?
As of early 2026, annual property taxes (council rates) for a Wellington apartment typically range from NZ$3,500 to NZ$6,000 (US$2,030 to US$3,480, EUR 1,750 to EUR 3,000), depending on the property's rating valuation.
The realistic range of rates in Wellington can span from around NZ$2,800 for a modest unit with a low rateable value to NZ$8,000 or more for a high-value apartment in a premium location, reflecting Wellington City Council's capital value-based rating system.
Wellington rates are calculated based on your property's capital value (land plus improvements) multiplied by a rate in the dollar set annually by the council, plus fixed charges for water, wastewater, and targeted rates like the sludge levy that was introduced in recent years.
There are limited exemptions or reductions available for apartment owners in Wellington, though owner-occupiers over 65 with limited income may qualify for a rates rebate, and some properties with earthquake-prone building notices have historically sought relief (though this is not automatic).
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Wellington.
How much does landlord insurance cost for an apartment in Wellington in 2026?
As of early 2026, typical annual landlord insurance for a Wellington apartment costs around NZ$600 to NZ$900 (US$350 to US$520, EUR 300 to EUR 450) for a standard policy covering contents, fixtures, liability, and loss of rent.
The realistic range of landlord insurance costs in Wellington spans from around NZ$400 for basic cover on a modest unit to NZ$1,200 or more for comprehensive policies on higher-value apartments or those with higher-risk tenant profiles.
What's the typical property management fee for apartments in Wellington as of 2026?
As of early 2026, the typical property management fee for apartments in Wellington is around 7% to 8% of rent collected (roughly NZ$180 to NZ$250 per month or US$105 to US$145, EUR 90 to EUR 125, for an average rental), plus letting fees when securing new tenants.
The realistic range of property management fees in Wellington spans from 6% for competitive or volume-based managers to 10% or more for premium services or properties requiring extra attention, with most falling in the 7% to 8.5% range.
Standard property management fees in Wellington typically include rent collection, routine inspections, coordinating maintenance, tenant communication, and compliance with Healthy Homes standards, though letting fees (usually one to two weeks' rent) and tribunal representation are often charged separately.
We made this infographic to show you how property prices in New Zealand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Wellington, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Tenancy Services (MBIE) | Government agency using real bond lodgement data, not asking prices. | We used it to anchor realistic weekly rent levels by bedroom count. We triangulated these medians against other sources to create Wellington-specific ranges. |
| Cotality/CoreLogic NZ | Dominant property analytics provider with a transparent hedonic index. | We used it to understand where values sit heading into 2026. We treated it as a key price-index complement to sales data. |
| QV (Quotable Value) | Long-established NZ valuation provider widely cited by media. | We used it as a second valuation lens to triangulate typical values. We validated that our price bands align with citywide valuations. |
| REINZ | Main industry body publishing high-frequency sales metrics for NZ. | We used it to pin the early 2026 market context. We triangulated price trends and turnover with valuation indexes. |
| Trade Me Property | NZ's largest property marketplace with widely quoted rent data. | We used it to validate direction and level of Wellington rents. We cross-checked against bond-derived medians for accuracy. |
| Inland Revenue (IRD) | Tax authority, so definitive on deductible costs and landlord treatment. | We used it to frame net-yield expense categories accurately. We avoided unreliable estimates by following official guidance. |
| Wellington City Council | Official source for local rates and property tax information. | We used it to estimate annual rates costs for apartments. We incorporated the 2025/26 rates increase into our figures. |
| MoneyHub NZ | Long-running NZ personal finance publisher with insurer comparisons. | We used it to bound realistic landlord insurance costs. We avoided relying on single insurer marketing for estimates. |
| Opes Partners | Well-known NZ property research firm publishing fee structures. | We used it to estimate standard management fees and letting fees. We reflected common NZ market practice in our guidance. |
| Bayleys | Top-tier national real estate firm with transparent market reports. | We used it to price-check new-build apartments by size and configuration. We explained why new-build pricing compresses yields. |
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