More homes available but rents still rise
The latest stats are out for the rental market in West End, South Brisbane and Highgate Hill. The big news in the data is the recent growth of the rental pool in Brisbane’s inner city. After 3 years of shrinking supply tenants now have more properties to choose from (139 more in this area compared to the end of 2009), largely due to investors returning to the sales market. So it’s encouraging for landlords that rents still snuck up in the March 2010 quarter, with median rent for a 2 bedroom apartment now $460. Of course this is only just back to where we were in June of last year, so it’s a little early to celebrate!. There’s a smaller number of rented houses in the area and their rent also rose – now $480 for a 3 bed.
This is still far and away the most expensive rental destination in Brisbane and the stable rents confirm that the area needs more new apartments to fill demand. While the new developments of 2003 to 2006 did boost supply enormously the number of rental homes on offer to tenants is still not growing at the rate needed.
Note: RTA stats quoted here cover all of postcode 4101 including Highgate Hill and South Brisbane.