The gap between the cheaper and dearer ends of the rental market has widened in all three of our towns. In August 2026, lower-quartile rents for 3 and 4-bedroom homes were 7% to 22% below a year earlier. Upper-quartile rents moved far less: between 8% lower and 1% higher.

Median rents tell a quieter story. Most are unchanged from July, and every one is at or below its August 2025 level. The bigger change is in the spread around the median.

Below, we look at each town's 3 and 4-bedroom homes over four years, using Tenancy Services bond data: median weekly rent, the lower and upper quartiles, and the number of new bonds lodged.

Wānaka

Wānaka's lower-quartile rents fell 17–19% in a year, while upper-quartile rents fell 3–8%.

3-bedroom homes. The median fell 7.1%, from $850 a week in August 2025 to $790 in August 2026. The lower quartile dropped from $780 to $650, while the upper quartile eased only from $900 to $875. The gap between them almost doubled, from $120 to $225. Bonds lodged fell 18.3%, from 486 to 397.

4-bedroom homes. The median fell 14.7%, from $1,055 to $900, the largest drop of any home type in the three towns. It is now just below August 2023's $910. The lower quartile has supposedly fallen from $925 to $750 and the upper quartile from $1,200 to $1,100. Bonds lodged fell 11.4%, from 246 to 218.

Albert Town

Albert Town had the steepest fall in lower-quartile rents of the three towns: down 20% for 3-bedroom homes and 22% for 4-bedroom homes.

3-bedroom homes. The median eased 6.2%, from $800 a week in August 2025 to $750 in August 2026, still 15.4% above August 2023's $650. The lower quartile fell from $750 to $600, while the upper quartile held at $850. The gap between them widened from $100 to $250. Bonds lodged were steady: 78 last year, 76 this year.

4-bedroom homes. The median slipped 4.1%, from $938 to $900, the same as in September 2023. The lower quartile fell from $900 to $700, and the upper quartile from $1,070 to $1,000. Albert Town 4-bedroom homes were the only group in the three towns to record more bonds than a year earlier: 55, up from 51.

Lake Hāwea

Lake Hāwea's medians have barely moved, but its 4-bedroom lower quartile still fell 17%.

3-bedroom homes. The median has been $750 a week since September 2024, and was $750 again in August 2026. The lower quartile fell 7.1%, from $700 to $650, the smallest fall of any group in the three towns. The upper quartile edged up from $788 to $798. Bonds lodged fell 12.6%, from 111 to 97.

4-bedroom homes. The median slipped from $800 to $775, after three readings in a row at $800. The lower quartile fell from $774 to $645, and the upper quartile from $900 to $850. Bonds lodged fell 37.8%, from 45 to 28, the largest fall in activity across the three towns. With fewer than 50 bonds a year, a small number of tenancies can shift these figures noticeably.

What This Means for Upper Clutha Landlords

Homes are being let across a much wider range of rents than a year ago. That makes the median a less precise guide to what any one home will achieve.

Town by town

Wānaka: The 4-bedroom median is down 14.7% to $900, and the lower quartile is now $750. The 3-bedroom gap between lower and upper quartile has almost doubled to $225. Last year's rents are not a reliable benchmark for either size.
Albert Town: Lower-quartile rents fell 20–22%, the most of the three towns, while the 3-bedroom upper quartile held at $850. Where a home sits in that range matters more than it did a year ago.
Lake Hāwea: The 3-bedroom median has held at $750 for two years and its range moved least. The 4-bedroom market is thin, at 28 bonds this year, so one tenancy can move the figures.

Across all three towns

Compare like with like. With a wider spread, set rent against recently let homes of a similar size, condition and location, not the town median alone.
Review rents with the latest data. Every 3 and 4-bedroom median is at or below last year's level.

Want to know where your property sits in today's range? Get in touch for a free rental appraisal of your Wānaka, Albert Town or Lake Hāwea home.

Source:
Tenancy Services rental bond data, August 2023 to August 2026.
For Albert Town 4-bed and Lake Hāwea, the 2023 and 2024 figures are September;
For Albert Town 3-bed, 2024 is September. Lower and upper are the lower and upper quartile rents.