Useful Facts Without Opinions: Brisbane’s rental market
Our recent post about Brisbane’s rental market raised some eyebrows – how could rents be holding when there’s so much new supply? 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 March quarter:
- Across Brisbane median weekly rent for a 2 bed apartment was up $20 to $420. This is equal highest on record (first reached in March 2017)
- On average, inner-city suburbs rose $10 to $490/week (after been flat for 6 months). Inner-Brisbane’s median rents have hovered around this price since 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 rose $20 to $440/week, a record high.
- 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 45,600 rented dwellings
- This inner-city rental supply has now risen 13% in the past year (5,400 extra dwellings).
- There was sizeable growth this past quarter in the number of rental homes in South Bris/Highgate Hill/West End (831 extra dwellings) and Newstead/Valley/Bowen Hills (744 extra rental properties)
Please share your comments on Brisbane’s rental market!