Propertyscouts New Plymouth

Why rent in Wellington when you can get a luxury pad in New Plymouth for half the price? - 26th Jan 2018

Why rent in Wellington when you can get a luxury pad in New Plymouth for half the price?

We're pretty lucky here in New Plymouth. Not only was our region ranked the second best to visit last year by Lonely Planet, our rent prices are very reasonable compared with that of larger cities around New Zealand, in particular Wellington.

Wellington has had a recent surge in rent price, mainly due to an under supply of rental properties on the market. There's talk of property investors starting to leave the rental market due to recent law changes and new regulations, therefore reducing supply.

Median rent in Wellington sits around $450/wk and is nearing $600/wk in popular suburbs. Back here in New Plymouth, the median rent is approximately $350/wk - much more affordable. According to Trade Me Property, the rental index for Taranaki only rose 2.9% last year compared with that of 7.1% for Wellington. This is a positive sign for tenants, however there's most likely some property investors out there wishing for greater growth. 

There will always be a need for rental properties around New Zealand and here in New Plymouth. This becomes clear when operating in the property management industry and as exclusive property managers, we're finding there are more tenants than available rental properties. It's not uncommon to receive up to a dozen applications (more if pets are allowed) for a single property and have it rented within a few days of it being advertised.

A recent Stuff article illustrates how much more affordable a luxury rental property here in New Plymouth is compared with Wellington. Continue to article here.


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