New Brisbane vacancy rate data: The battle for tenants heats up!
With so many new apartments coming onto the inner-Brisbane rental market, local landlords have had to adapt. Rents are being kept competitive and many owners are carrying out maintenance and updating to ensure they secure and keep good tenants. And now the inner-city’s rental market activity is having an interesting flow-on effect as the graph shows!
The Real Estate Institute of Qld released its quarterly vacancy rate data today, revealing that Brisbane’s middle ring experienced a sharp rise in vacancies, while the inner ring remained relatively consistent with the June quarter. REIQ CEO Antonia Mercorella said the surprising result was likely due to a combination of factors. “Inner-city property managers and landlords are particularly sensitive to the oversupply question at the moment and rents have become extremely competitive, luring tenants from the middle ring into the inner ring,” she said.
As inner-Brisbane property managers you’d expect this comment from us – but it’s going to be tough for landlords with rental homes in the ‘burbs to compete! The lifestyle lure of our inner-city is strong and when rents are so affordable, the temptation to move closer will be high. We’ll watch with interest as the battle unfolds over coming months!