Rents dip slightly in 4101 as tenants watch their pennies
The June quarter saw a dip in median rents for the area, now back to the $480/week for a 2 bed apartment that we last saw in June 2011. The suburb’s appeal continues to grow but common feedback is tenants are looking further out to save money – affordability concerns are part of life for tenants in 2012. Rents in the CBD have spiked to $600/week so there’s now a very big saving for crossing the river into this neighbourhood, and some ‘catch-up’ must be in the wind.
Local tenants are staying put more often, with leases extended and renewed, often well past the second year. New tenancy commencements are down a long way on the same time last year and, handled well, a good tenant staying longer is a win for landlords. Our property managers are reporting success in increasing rents with a high percentage of renewing tenants. So there’s reason for landlords to have some cautious optimism.
For a quick guide to median rents in your inner-Brisbane postcode go to www.WhatRentMyHome.com.au
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Note: RTA stats quoted here cover all of postcode 4101 including West End, Highgate Hill and South Brisbane.