Useful Facts Without Opinions: Inner-Brisbane’s supply of rental housing
There’s plenty of talk about new apartment construction in our inner suburbs and, in a suburb like South Brisbane for example, the cranes seem to hover over every street corner. So we thought it was time to have a look at some hard facts on the current supply of rental homes in these suburbs, using the only reliable stats: the total number of bonds held by the Residential Tenancies Authority, as reported to the end of March. Across the “city-inner” (the 21 postcodes the RTA clump together), there’s now 33,755 rental homes.
• This grew by 832 in the past 12 months (with 772 of those additional homes added in the March quarter)
• Fortitude Valley/Bowen Hills and St Lucia were the fast growth areas of the March quarter, up 286 and 251 respectively.
• 4101 (South Brisbane, West End) remains our inner-city’s biggest rental market, with 5690 homes, despite growing by just 37 over the quarter and 103 in the past year
• The rental pool in the CBD/Spring Hill (postcode 4000), grew by just 38 in the past year. This compares to growth of 1431 homes during 2004-2006 for example.
Remember – the growth in bond numbers is a net number: when an owner moves into a home that was previously rented that’s a loss to the rental pool. Through much of this decade that’s been a common inner-Brisbane trend.