Rental prices surge in 4101
Rental growth of 38% in just 18 months has seen postcode 4101 become one of this state’s most expensive places to rent a 2 bedroom apartment. Like much of the inner city, South Brisbane, West End and Highgate Hill is experiencing what we’d consider to be a strong undersupply of rental property. The median two bedroom in the area now costs $345 per week, the fifth highest for any Queensland postcode.
And here’s the interesting sideline to the story: It’s no surprise that in this tighter market tenants are staying put and many landlords are reluctant to upset a current tenant. And in the typical real estate office property managers are relatively junior members of staff and have little or no training in negotiating rental increases with tenants. So if a tenant started their lease two years ago their landlord will now be $90 per week out of pocket compared with the current market.
“Rental Market in a Nutshell” is a series of quick, easy to read research papers Bees Nees are now producing for inner Brisbane’s suburbs. Go to www.beesnees.com.au/useful_research.html to download your free copy.