Interesting stats released today by RP Data show 70.2% of Brisbane’s apartments are rented. We often get asked by a buyer “Are the other apartments in this building rented?” and they’re disappointed they’re not all lived in by their owners.
There are a handful of mostly high end buildings where tenants are scarce. But the data tells you almost 3-quarters of your fellow apartment building dwellers will be tenants. Is that a bad thing? Are all home-owners quiet mice with loads of smiles for their neighbours, and all tenants loud, obnoxious party animals?
And here’s a tip for home buyers: If an agent tells you there’s all owner-residents in the building there’s a good chance they’re exaggerating/stretching/twisting/lying. Why? Because we have no way of knowing who lives in every apartment. The databases we use record only the address the home owner lived at when they first bought the property and if they’ve since moved out we wouldn’t know. Or vice versa. If you could all just stay put that would make the data a whole lot more accurate…
Over the past 3-5 years many of Brisbane’s inner city apartments have actually seen tenants turfed out so they can be sold to owner-occupiers. So the 70% might reach 60% one day, but you still can’t choose your neighbours.