The latest rental stats have been released and they help explain the large number of rentals currently available. Here’s our Research team’s media release:
Brisbane’s rental market has had a massive boost, with over 1100 homes added to the rental pool in the first quarter of 2010. According to new Residential Tenancies Authority stats the past year’s decline in the number of rented homes has finally stopped.
Bees Nees Research Managing Director, Rob Honeycombe says investors have replaced first home buyers and are offering Brisbane’s tenants more choice.
“Investors have been sitting on the sidelines and during 2009 the rental pool just continued to shrink. There’s now a lot more confidence in bricks and mortar and the RTA stats show property investors have started to dive in,” Mr Honeycombe said.
The RTA track all rental bonds and across Brisbane the total leapt by 1145 in the March quarter. Mr Honeycombe said this data followed this week’s ABS finance stats which showed investors’ share of lending is growing strongly.
“The inner city has been the standout, with 693 extra rental homes added since the start of 2010. That’s more growth in a quarter than we’ve seen since 2006.”
Mr Honeycombe said rents had mostly showed small gains, with Brisbane’s median 2 bedroom apartment rent now at $365 per week.
To get the latest median rent for your suburb visit www.WhatRentMyHome.com.au