Build to Rent Wellington: New Apartments from $575/Week

A build-to-rent complex on Ghuznee Street in Te Aro opened its first 120 units this month with two-bedroom apartments listed at $575 a week including utilities and on-site gym access.

Wellington rents have climbed 7 percent since January while median dwelling prices sit at $872,000 according to the latest Quotable Value data released on 8 July. Households weighing a purchase face weekly mortgage outlays near $1,050 on a 20 percent deposit at current rates, pushing many toward longer-term rentals that lock in pricing for 12 to 24 months.

Local Projects and Tenant Features

The Ghuznee Street site sits two blocks from the Basin Reserve and includes a ground-floor supermarket and bike storage for 180 residents. A second scheme on Taranaki Street near the Wellington Railway Station is scheduled for completion in October and will add 85 units managed under a single operator that handles maintenance requests within 24 hours. Wellington City Council approved both sites under its 2024 medium-density housing rules that fast-track projects delivering at least 30 percent one- and two-bedroom stock.

Residents at the Ghuznee Street complex receive a shared rooftop deck, parcel lockers and a 24-hour concierge desk. Leases prohibit rent rises during the first two years and cap any subsequent increase at the consumer price index plus 2 percent. These terms differ from standard private rentals where landlords can adjust rates every 12 months without limit beyond the Residential Tenancies Act cap.

Cost Comparison and Next Steps

CoreLogic figures from June show a typical Te Aro two-bedroom unit would require a $720,000 loan after a 20 percent deposit, producing repayments of $1,080 a week at 6.1 percent interest. The same size apartment in the new build-to-rent buildings costs $575 to $610 a week with no rates, insurance or maintenance bills added. Prospective tenants can register interest through the operator’s website or visit the on-site leasing office at 45 Ghuznee Street before the October Taranaki Street units open for applications.

People should check their current lease expiry dates and compare total weekly housing costs against the fixed-rent packages listed for the two projects to decide whether to apply now or wait for further supply due in 2027.