Milton rental market updates: Tenant enquiry strong for steady market improvement
The continued flattening of local supply is bringing some positivity to local landlords, with the boom in apartment construction now well and truly over in Milton. Just 28 new dwellings were added to the rental pool during the June quarter.
The median rents shown in the graph are recorded from
only new tenancies (new bonds lodged), and with this last quarter one of the quietest for some time the sample is too low to call any concern on the dip. We’ve seen it bounce between $400 to $480 since that peak in 2016. Our on the ground experience right now is that tenant interest is strong, and our property managers had 1,015 new enquiries into our office in the month of July alone. We also secured rent increases on more than half of the leases offered to our renewing tenants, further confirming a slow but positive trend for landlords.