After two years of strong growth, median rents for 3 and 4-bedroom homes have eased across all three of our towns. The latest Tenancy Services bond data shows every town's July 2026 median sitting at or below its 2025 level. The biggest pullback is in 4-bedroom homes, down 10.9% in Wānaka and 13.5% in Albert Town in a single year.

Below, we compare four years of July figures (2023 to 2026) for each town: median weekly rent, the spread between lower and upper rents, and the number of new bonds lodged. Together they show where demand has cooled and where it has held.

Wānaka

Wānaka is still the region's most expensive rental market, but both home sizes have come off their 2025 peaks.

3-bedroom homes. Median rent rose from $725 a week in July 2023 to $820 in 2024 (up 13.1%) and peaked at $833 in 2025. It then fell 5.2% to $790 in July 2026. Bonds lodged more than doubled from 225 to 525 in 2024, then eased to 492 and 402.

4-bedroom homes. Median rent held at $950 through 2023 and 2024, rose to $1,010 in 2025, then dropped 10.9% to $900 in July 2026. That puts it 5.3% below where it started four years ago. The lower rent fell even faster, from $931 to $725, so more 4-bed homes are now leasing well under the median. Bonds lodged went from 132 to 243 and 255, then fell to 216.

Albert Town

Albert Town had the fastest climb of the three towns, and this year the sharpest drop in 4-bedroom rents.

3-bedroom homes. Median rent jumped 17.4%, from $650 a week in July 2023 to $763 in 2024, and reached $800 in 2025. It eased 6.2% to $750 in July 2026, still 15.4% above 2023. Bonds lodged more than doubled from 42 to 90 in 2024 and have been steady since, at 78 and 76.

4-bedroom homes. Median rent rose from $900 (June 2023) to $980 in 2024 and $1,040 in 2025. It then fell 13.5% to $900 in July 2026, back where it started. Unlike the other towns, bonds lodged rose this year, from 48 to 56. More 4-bed homes are being let, but at lower rents: the lower rent fell from $906 to $700.

Lake Hāwea

Lake Hāwea is the most affordable of the three towns and the steadiest, with 3-bedroom rents flat for three years.

3-bedroom homes. Median rent rose 16.9%, from $650 a week in June 2023 to $760 in July 2024. It has barely moved since: $750 in both 2025 and 2026. Bonds lodged peaked at 114 in 2025, then fell 19.3% to 92 this year.

4-bedroom homes. Median rent rose from $760 (June 2023) to $825 in 2024, then eased to $800 in 2025 and $770 in July 2026. Bonds lodged fell from 45 to 28, a 37.8% drop and the biggest fall in activity across the three towns. With fewer than 50 bonds a year, the 4-bed figures move a lot on a handful of tenancies, so read any single year with caution.

Three Towns Side by Side

Wānaka still leads on rent, but the gap has narrowed. For 4-bedroom homes, Wānaka and Albert Town now sit at the same $900 median.

What This Means for Upper Clutha Landlords

The rapid rent growth of 2023–2024 looks to have run its course. Across Wānaka, Albert Town and Lake Hāwea, 3 and 4-bedroom rents are holding or easing, and tenants have across the region more choice than they did a year ago.

Town by town

Wānaka: 4-bedroom rents have reset to a $900 median, and the lower quartile rent is now $725. Owners still pricing at last year's $1,010 should expect longer vacancies. 3-bedroom homes are holding up better at $790, but new bonds are down 18%, reflecting a tightening market (lower supply with flattening, with perhaps increasing median rent to come).
Albert Town: More 4-bedroom homes were let this year (56 bonds, up from 48), but at lower rents: the median fell 13.5% to $900. With more homes competing, presentation and competitive pricing will decide which ones lease first. 3-bedroom rents are steady at $750, still 15% above 2023.
Lake Hāwea: 3-bedroom rents have held at $750 for three years, so an increase is unlikely to stick. 4-bedroom bonds fell 38% to just 28, a thin market where one vacancy can take time to fill. Keeping a good tenant is likely worth more than a rent rise at this point in time.

Across all three towns

Price to today's market, not last year's. Asking 2025 rents is likely to mean longer vacancies, especially for 4-bedroom homes in Wānaka and Albert Town.
Presentation matters more. With lower rents (relative to previous years) now more common in each town, well-presented, well-maintained homes are the ones that lease quickly at the median or above.
Keep good tenants. In a softer market, a long-term tenant who pays on time, maintains the home is worth more than a small rent increase followed by a vacancy.

Thinking about your rent for the year ahead? Get in touch for a free rental appraisal of your Wānaka, Albert Town or Lake Hāwea property.

Source: Tenancy Services rental bond data, July 2023 to July 2026 (June for 2023 in Albert Town 4-bed and Lake Hāwea).