Useful Facts Without Opinions: Brisbane’s rental market
There’s some ‘green shoots’ in the vacancy rate data with landlords gaining confidence that Brisbane’s rental market may be starting to strengthen. But what’s the latest rental data show? The Residential Tenancies Authority records the rent when a new bond is lodged and each quarter we sit down to analyse the results and get a handle on emerging trends. So here’s the official numbers for the June quarter:
- Across Brisbane median weekly rent for a 2 bed apartment was down $10 to $410.
- On average, inner-city suburbs also dipped $10 to $480/week. Inner-Brisbane’s median rents first hit this mark in June 2012.
- We track 2 bed apartments as our ‘headline’ stats due to their dominance in the rental market: but for comparison Brisbane’s 3 bed houses also dropped $15 to $425/week.
- By law all bonds held for a rental home must be lodged with the RTA, so their full count can provide interesting info: e.g. Our inner-city (just 21 suburbs) is now home to 27% of Brisbane’s rental pool, with 46,500 rented dwellings
- This inner-city rental supply has risen 13% in the past year (5,400 extra dwellings).
- While there was growth this past quarter in the number of rental homes, particularly in South Bris/Highgate Hill/West End (335 extra dwellings) and Newstead/Valley/Bowen Hills (248 extra rental properties), the increase in supply has slowed significantly.
Please share your comments on Brisbane’s rental market!