Gross rental yields in New Zealand: Auckland and Wellington

The average gross rental yield in New Zealand stands at 4.29% (2024, Q2). Previously, in Q3, 2023 the average gross rental yield stood at 4.26%.

The apartment average stands at 4.40% while the houses and townhouses average is at 4.17%.

  • Auckland
  • Wellington
  • Christchurch
  Last Updated: June 05, 2024
AUCKLAND - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Auckland Central  
1-Bedroom $241,424 $1,174 5.84%
2-Bedroom $304,988 $1,515 5.96%
Auckland (all locations)  
1-Bedroom $317,212 $1,204 4.55%
2-Bedroom $427,228 $1,662 4.67%
3-Bedroom $794,560 $2,145 3.24%
Auckland (apartments) avg. Rental Yields 4.15%
WELLINGTON - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Wellington (all locations)  
1-Bedroom $275,040 $1,185 5.17%
2-Bedroom $409,504 $1,625 4.76%
3-Bedroom $657,040 $2,200 4.02%
Wellington (apartments) avg. Rental Yields 4.65%
AUCKLAND - Houses/Townhouses COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Auckland (all locations)  
1-Bedroom $378,332 $1,149 3.64%
2-Bedroom $449,232 $1,540 4.11%
3-Bedroom $550,080 $1,833 4.00%
4+Bedroom $843,456 $2,322 3.30%
Auckland (houses and townhouses) avg. Rental Yields 3.77%
WELLINGTON - Houses/Townhouses COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Wellington (all locations)  
2-Bedroom $395,446 $1,558 4.73%
3-Bedroom $488,960 $1,833 4.50%
4+Bedroom $638,704 $2,383 4.48%
Wellington (houses and townhouses) avg. Rental Yields 4.57%
CHRISTCHURCH - Houses/Townhouses COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Christchurch (all locations)  
2-Bedroom $357,552 $1,320 4.43%
3-Bedroom $439,452 $1,515 4.14%
4+Bedroom $549,468 $1,833 4.00%
Christchurch (houses and townhouses) avg. Rental Yields 4.19%
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: Global Property Guide

Research Methodology: To conduct this research, we searched for studio, 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom apartments in the largest cities of New Zealand. We used the local website for both buying and renting prices to determine the average gross rental yields (Monthly Rent x 12 / Purchase Price).

For instance, if the monthly rent is $500 and the purchase price is $100,000, the calculation would be: $500 (Monthly Rent) x 12 / $100,000 (Purchase Price) = 6% (Gross Rental Yield).