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
Wellington's rental market in 2026 is noticeably more relaxed than it was a few years ago, giving tenants more choice and negotiating power.
In this article, we break down actual rent levels, neighborhood trends, and landlord costs so you can make informed decisions.
We update this blog post regularly with the latest data from official sources and marketplace listings.
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.
Insights
- Wellington rents dropped about 7% year-over-year in late 2025, marking one of the sharpest declines among New Zealand cities and creating a buyer's market for tenants.
- Public sector job cuts in Wellington directly affect rental demand because government workers and contractors make up a larger share of tenants here than in any other New Zealand city.
- A typical 2-bedroom in Wellington now rents for around NZ$680 per week, but you can find older, colder homes at NZ$550 while renovated places with heat pumps push past NZ$800.
- Warmth and insulation upgrades now command measurable rent premiums in Wellington because New Zealand's Healthy Homes standards have shifted what tenants expect and legally require.
- Wellington's vacancy rate sits around 3-4%, which means the market is balanced rather than tight, so landlords need to price competitively or face longer listing times.
- Properties near Wellington Station or Victoria University typically lease within 14 days, while homes in outer suburbs can sit for 3 weeks or more if priced optimistically.
- January through March is the peak rental season in Wellington, driven by summer moving patterns, job relocations, and students returning for the academic year.
- Council rates in Wellington average NZ$7,500 to $8,700 per year, which landlords often underestimate when calculating their net rental yield.
What are typical rents in Wellington as of 2026?
What's the average monthly rent for a studio in Wellington as of 2026?
As of early 2026, the average monthly rent for a studio apartment in central Wellington is around NZ$2,080 (approximately US$1,250 or €1,150), which reflects the compact sizes and premium locations most studios occupy in the CBD.
Most studios in Wellington rent within a range of NZ$1,700 to NZ$2,400 per month (US$1,020-1,440 or €940-1,320), with the lower end representing older buildings in fringe areas and the upper end covering modern units in Te Aro or Mount Victoria.
The main factors that cause studio rents to vary in Wellington are location (CBD versus outer suburbs), building age and condition, whether the unit has effective heating, and views or natural light, since Wellington's hilly terrain creates significant variation even within the same neighborhood.
What's the average monthly rent for a 1-bedroom in Wellington as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Wellington is around NZ$2,250 (approximately US$1,350 or €1,240), positioning it close to the city-wide median because many 1-beds are located in popular central areas.
Typical 1-bedroom rents in Wellington range from NZ$1,900 to NZ$2,700 per month (US$1,140-1,620 or €1,050-1,490), with the spread depending largely on whether you're looking at an older walk-up or a modern apartment with amenities.
For the cheapest 1-bedroom rents in Wellington, look to suburbs like Johnsonville, Newlands, or Kilbirnie, while the highest rents cluster in Mount Victoria, Thorndon, and Oriental Bay where walkability and character homes drive premiums.
What's the average monthly rent for a 2-bedroom in Wellington as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom property in Wellington is around NZ$2,950 (approximately US$1,770 or €1,630), making it the most common rental size for professional flatmates, couples, and small families.
The realistic range for 2-bedroom rents in Wellington spans NZ$2,400 to NZ$3,600 per month (US$1,440-2,160 or €1,320-1,980), with older, less insulated homes at the lower end and warm, renovated properties commanding the top prices.
Budget-friendly 2-bedroom rentals in Wellington are typically found in Karori, Newtown, and Miramar, while premium 2-beds in Kelburn, Roseneath, and Seatoun can exceed NZ$4,000 per month due to views, condition, and school zones.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Wellington.
What's the average rent per square meter in Wellington as of 2026?
As of early 2026, the average rent per square meter in Wellington is around NZ$45 to $50 per month (approximately US$27-30 or €25-28), with significant variation based on property size and location.
Across Wellington neighborhoods, rent per square meter ranges from about NZ$35 in outer suburbs like Johnsonville to NZ$60 or more in premium CBD apartments and Oriental Bay units where space is at a premium.
Compared to Auckland, Wellington's rent per square meter is slightly lower on average, though it sits higher than most other New Zealand cities like Christchurch or Hamilton, reflecting Wellington's compact geography and concentration of professional tenants.
Properties that push rent per square meter above average in Wellington typically feature modern insulation, double glazing, heat pumps, off-street parking, and desirable aspects like sun exposure or harbor views.
How much have rents changed year-over-year in Wellington in 2026?
As of early 2026, Wellington rents are estimated to be about 5% lower year-over-year, reflecting a continued cooling from the steeper 7% decline recorded in late 2025.
The main factors driving rent declines in Wellington include public sector job cuts that reduced demand from government workers and contractors, increased rental supply as landlords responded to earlier high rents, and tenants gaining more negotiating power in a less competitive market.
This year's rent change represents a moderation from 2025's sharper drops, suggesting Wellington may be approaching a floor where rents stabilize rather than continuing to fall at the same pace.
What's the outlook for rent growth in Wellington in 2026?
As of early 2026, Wellington rent growth is projected to be flat to slightly positive, in the range of 0% to 2% over the year, as the market stabilizes after its 2025 decline.
The key factors likely to influence Wellington rents include continued sensitivity to government employment levels, population movements as remote work patterns settle, and whether new construction adds to or relieves current supply levels.
Neighborhoods like Mount Victoria, Thorndon, and Kelburn are expected to see the strongest rent resilience because demand for warm, walkable, well-located homes remains solid even in a softer market.
The main risks that could push Wellington rents in either direction include further public sector cuts (downside), a rebound in immigration or government hiring (upside), or interest rate changes that shift landlord behavior.
We have made this infographic to give you a quick and clear snapshot of the property market in New Zealand. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which neighborhoods rent best in Wellington as of 2026?
Which neighborhoods have the highest rents in Wellington as of 2026?
As of early 2026, the three Wellington neighborhoods with the highest average rents are Oriental Bay, Roseneath, and Thorndon, where typical 2-bedroom properties command NZ$3,500 to $4,500 per month (US$2,100-2,700 or €1,930-2,480).
These neighborhoods command premium rents because they combine waterfront or elevated views, historic character homes, proximity to the CBD, and limited new supply due to geographic constraints and heritage protections.
Tenants in these high-rent Wellington areas are typically senior professionals, diplomats and embassy staff, high-income couples, and executives who prioritize walkability, prestige, and quality of life over budget.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Wellington.
Where do young professionals prefer to rent in Wellington right now?
The three Wellington neighborhoods most popular with young professionals are Te Aro, Mount Victoria, and Newtown, which offer the urban lifestyle, cafe culture, and easy commutes this demographic prioritizes.
Young professionals in these Wellington neighborhoods typically pay between NZ$2,000 and NZ$2,800 per month (US$1,200-1,680 or €1,100-1,540) for 1-bedroom apartments or rooms in shared houses.
What attracts young professionals to these areas is the walkability to bars and restaurants, short commutes to CBD offices, a sense of community, and the ability to live car-free in Wellington's compact urban core.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Wellington.
Where do families prefer to rent in Wellington right now?
The three Wellington neighborhoods most popular with families are Karori, Miramar, and Island Bay, which offer more space, good schools, and a suburban feel while remaining accessible to the city.
Families renting 2-3 bedroom homes in these Wellington suburbs typically pay between NZ$2,800 and NZ$3,800 per month (US$1,680-2,280 or €1,540-2,090), with prices varying based on house condition and proximity to schools.
These neighborhoods attract families because of their parks and green spaces, lower density, family-friendly community atmosphere, and the perception of safety compared to busier inner-city areas.
Top-rated schools near these family-friendly Wellington neighborhoods include Karori Normal School, Miramar North School, Island Bay School, and various well-regarded intermediate and secondary options that drive demand in these zones.
Which areas near transit or universities rent faster in Wellington in 2026?
As of early 2026, the three Wellington areas that rent fastest are Kelburn (near Victoria University), Thorndon (near Wellington Station), and Te Aro (central bus routes), where well-priced properties often lease within two weeks of listing.
In these high-demand Wellington areas, the average number of days properties stay listed is around 10 to 14 days for well-presented rentals, compared to 21 days or more in less connected suburbs.
Properties within walking distance of Wellington Station or Victoria University typically command a rent premium of NZ$50 to $100 per week (US$130-260 or €120-240 per month) compared to similar properties further from transit and campuses.
Which neighborhoods are most popular with expats in Wellington right now?
The three Wellington neighborhoods most popular with expats are Thorndon, Kelburn, and Oriental Bay, which offer the safety, convenience, and established infrastructure that international residents typically seek.
Expats in these Wellington neighborhoods typically pay between NZ$2,800 and NZ$4,000 per month (US$1,680-2,400 or €1,540-2,200) for furnished or unfurnished 2-bedroom apartments.
These areas attract expats because of their proximity to embassies and international organizations in Thorndon, the university community in Kelburn, and the prestigious waterfront lifestyle in Oriental Bay.
The expat communities most represented in these Wellington neighborhoods include British, American, Australian, and various European nationalities, often connected to diplomatic, academic, or professional roles in the capital.
And if you are also an expat, you may want to read our exhaustive guide for expats in Wellington.
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Who rents, and what do tenants want in Wellington right now?
What tenant profiles dominate rentals in Wellington?
The three tenant profiles that dominate Wellington's rental market are public sector and professional services workers, university students, and young professional flatmates sharing houses.
Public sector workers account for roughly 35-40% of Wellington rentals, students make up about 20-25%, and young professional flatmates represent another 20-25%, with families and other groups filling the remainder.
Public sector tenants typically seek 1-2 bedroom apartments near the CBD, students look for affordable rooms in shared houses near Kelburn or Te Aro, and professional flatmates often rent 3-4 bedroom houses in walkable inner suburbs.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Wellington.
Do tenants prefer furnished or unfurnished in Wellington?
In Wellington, approximately 80-85% of tenants prefer unfurnished rentals, with furnished demand concentrated among short-term tenants, relocating professionals, and international arrivals.
Furnished apartments in Wellington typically command a premium of NZ$50 to $150 per week (US$130-390 or €120-360 per month) compared to equivalent unfurnished properties, depending on furniture quality and location.
The tenant profiles that prefer furnished rentals in Wellington are mainly expats on fixed-term contracts, government consultants, interns, and anyone needing temporary accommodation while they search for permanent housing.
Which amenities increase rent the most in Wellington?
The top five amenities that increase rent most in Wellington are heat pumps and effective heating, off-street parking, double glazing, outdoor space (deck or garden), and modern kitchens with dishwashers.
A heat pump typically adds NZ$30-50 per week (US$80-130 or €70-120 per month), off-street parking adds NZ$40-60 per week, double glazing adds NZ$20-40 per week, outdoor space adds NZ$30-50 per week, and a modern kitchen with dishwasher adds NZ$20-30 per week.
In our property pack covering the real estate market in Wellington, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Wellington?
The top five renovations with the best ROI for Wellington rentals are heat pump installation, insulation upgrades, bathroom modernization, ventilation improvements, and kitchen updates.
A heat pump costs NZ$3,000-5,000 (US$1,800-3,000 or €1,650-2,750) and can add NZ$30-50 per week to rent; insulation costs NZ$2,000-4,000 and adds NZ$20-30 per week; a bathroom refresh costs NZ$5,000-10,000 and adds NZ$25-40 per week; ventilation costs NZ$500-2,000 and adds NZ$10-20 per week; and kitchen updates cost NZ$5,000-15,000 and add NZ$20-35 per week.
Renovations with poor ROI in Wellington that landlords should avoid include high-end cosmetic finishes that tenants don't value proportionally, swimming pools (impractical given the climate), and major structural changes that take years to recoup.
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.
How strong is rental demand in Wellington as of 2026?
What's the vacancy rate for rentals in Wellington as of 2026?
As of early 2026, the estimated vacancy rate for rental properties in Wellington is around 3-4%, indicating a balanced market where neither landlords nor tenants have overwhelming leverage.
Vacancy rates vary across Wellington neighborhoods, ranging from under 2% in high-demand areas like Mount Victoria and Thorndon to 5-6% in outer suburbs like Tawa or Porirua where supply is less constrained.
The current 3-4% vacancy rate in Wellington is slightly higher than the very tight market of 2021-2022 (when vacancies were closer to 1-2%) but remains healthy by historical standards, suggesting a more normalized rental environment.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Wellington.
How many days do rentals stay listed in Wellington as of 2026?
As of early 2026, rentals in Wellington stay listed for an average of 14-21 days, with well-priced, warm properties leasing faster and overpriced or cold homes sitting longer.
Days on market varies significantly in Wellington: modern apartments in Te Aro or Mount Victoria may lease in 7-10 days, while older houses in outer suburbs or those priced above market can take 30 days or more.
Compared to one year ago, Wellington listings are staying on the market slightly longer (up from an average of 10-14 days in early 2025), reflecting the tenant-friendly shift and increased negotiating time for renters.
Which months have peak tenant demand in Wellington?
Peak tenant demand in Wellington occurs during January through March, when summer moving season, new job starts, and student arrivals combine to create the highest competition for rentals.
The factors driving Wellington's seasonal demand include the academic calendar at Victoria University, government and corporate hiring cycles that often start in February, and the general New Zealand preference for moving during warmer months.
The lowest tenant demand in Wellington falls between May and August, when cold weather, shorter days, and fewer job transitions mean landlords may need to price more competitively or accept longer vacancy periods.
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What will my monthly costs be in Wellington as of 2026?
What property taxes should landlords expect in Wellington as of 2026?
As of early 2026, landlords in Wellington should expect to pay around NZ$7,500-8,700 per year (approximately US$4,500-5,200 or €4,130-4,790) in council rates, which is the primary property tax equivalent in New Zealand.
The realistic range of annual council rates in Wellington spans from about NZ$5,000 for smaller or lower-value properties to over NZ$12,000 for larger homes in premium suburbs, depending on your property's capital value and location.
Wellington council rates are calculated based on your property's capital value (land plus improvements) and include charges from both Wellington City Council and Greater Wellington Regional Council, with rates set annually as part of the council's budget process.
Please note that, in our property pack covering the real estate market in Wellington, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What maintenance budget per year is realistic in Wellington right now?
A realistic annual maintenance budget for a typical Wellington rental property is NZ$6,000-10,000 (approximately US$3,600-6,000 or €3,300-5,500), or roughly 0.8-1.2% of the property's value each year.
Maintenance costs in Wellington can range from NZ$3,000 per year for newer, well-built properties to over NZ$15,000 for older character homes that require regular work on roofing, weatherboards, and plumbing.
Most experienced landlords in Wellington set aside 8-12% of their rental income for maintenance, which covers both routine repairs and builds a reserve for larger periodic expenses like exterior painting or appliance replacement.
What utilities do landlords often pay in Wellington right now?
The utilities Wellington landlords most commonly pay are council rates, property insurance, and body corporate fees (for apartments), while tenants typically cover electricity, gas, internet, and contents insurance.
Council rates cost around NZ$600-750 per month for an average property, property insurance runs NZ$100-200 per month, and body corporate fees (where applicable) average NZ$200-400 per month, totaling NZ$900-1,350 (US$540-810 or €500-740) in landlord-paid utilities.
The common practice in Wellington is for landlords to pay fixed property costs while tenants pay consumption-based utilities, with water charges following specific rules under tenancy law about how costs can be passed through.
How is rental income taxed in Wellington as of 2026?
As of early 2026, rental income in New Zealand is taxed as ordinary income at your marginal tax rate, which ranges from 10.5% for income under NZ$15,600 up to 39% for income over NZ$180,000.
The main deductions Wellington landlords can claim against rental income include property management fees, insurance, council rates, repairs and maintenance, depreciation on chattels, and (subject to current rules) a portion of mortgage interest.
A Wellington-specific tax mistake landlords should avoid is failing to track the interest limitation rules correctly, since the ability to deduct mortgage interest depends on when you purchased the property and whether it meets new-build or other exemption criteria under IRD's residential property interest rules.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Wellington.
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) - Market Rent | This is the New Zealand government's official rental dataset based on actual bond lodgements from real tenancy agreements. | We used it to anchor what "market rent" means in Wellington and understand how MBIE constructs its figures. We also used its methodology notes to explain why rent metrics can differ from listings data. |
| Tenancy Services (MBIE) - Rental Bond Data | This is the official source describing how New Zealand bond-based rent data is collected, cleaned, and published. | We used it to explain data coverage, processing lags, and rounding conventions. We also used it as the "paid rent" benchmark to triangulate with advertised rents. |
| Tenancy Services (MBIE) - MBIE vs Trade Me Differences | This is the government's own explanation of why the two major rent data series in New Zealand differ from each other. | We used it to justify our triangulation approach between MBIE bond data and Trade Me asking rents. We also used it to keep the article accessible for non-professional readers. |
| Trade Me Property - Rental Price Index | Trade Me is New Zealand's largest property marketplace and publishes a consistent index from its listings data. | We used it to quantify Wellington's rent direction and year-over-year changes through late 2025. We then projected January 2026 levels by extending the trend conservatively. |
| RNZ - Wellington Rent Trends | RNZ is New Zealand's national public broadcaster and this piece clearly attributes the underlying Trade Me dataset. | We used it as an independent cross-check on the same rent trend data. We also used it to reduce single-source risk when stating direction and magnitude of changes. |
| Stats NZ - 2023 Census Housing Highlights | Stats NZ is the national statistics office, and the Census provides the baseline for housing structure and tenure data. | We used it to frame who rents in Wellington and to sanity-check the scale of the rental market. We also used it to avoid market-only narratives that ignore the underlying housing stock. |
| Wellington City Council - State of Housing | This is a local government synthesis that explicitly references official datasets and Wellington-specific context. | We used it to anchor Wellington's housing structure including dwelling counts and the share rented. We also used it to contextualize demand pressure and support neighborhood-level narrative. |
| Greater Wellington Regional Council - Rates 2025/26 | This is the official regional council rates notice with clear dollar amounts and calculation methodology. | We used it to quantify the regional portion of property rates landlords face. We also used it to explain that "property tax" in New Zealand is largely council rates, not a separate national tax. |
| Wellington City Council - Rates 2025/26 | This is the city's official rates document for the relevant financial year. | We used it to estimate an average rates bill by dividing total rates collected by the number of properties. We treat this as an average guide, not a promise for any specific property. |
| Inland Revenue (IRD) - Rental Expense Deductions | IRD is the tax authority and this is the primary guidance landlords actually follow for expense claims. | We used it to explain what expenses are typically deductible for 2026. We also used it to keep the tax section practical and compliance-friendly for individual landlords. |
| Inland Revenue (IRD) - Interest Limitation Rules | This is the official rules page for one of the biggest moving parts in rental property profitability. | We used it to explain the interest deductibility timeline that matters in 2026. We also used it to set realistic after-tax cashflow expectations for new landlords. |
| Tenancy Services (MBIE) - 2024 Amendment Act Summary | This is a government summary of the law changes that shape tenant behavior and leasing risk. | We used it to explain demand drivers like notice rules and pets policy timing. We also used it to support practical landlord recommendations on screening and lease structure. |
| Reuters - Wellington Public Sector Context | Reuters is a major international wire service and this piece is directly relevant to Wellington's tenant base. | We used it to explain a Wellington-specific headwind: demand sensitivity to government hiring and contracting. We also used it to temper rent-growth forecasts for 2026 versus other regions. |
| Trade Me Property - Wellington Listings | This is the live marketplace snapshot showing current advertised supply and price points. | We used it to sanity-check our typical rent ranges against real asking rents visible in late 2025. We also used it to illustrate what studios, 1-beds, and 2-beds look like in central suburbs. |
| Ministry of Housing (HUD) - Tenancies Amendment Act | HUD is the ministry responsible for housing policy and this page covers the regulatory framework affecting landlords. | We used it to explain shifting tenant expectations around Healthy Homes standards. We also used it to support our analysis of which amenities now command rent premiums. |
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