Useful Facts Without Opinions: Brisbane’s rental market
Here’s the official numbers for Brisbane’s rental market for the June quarter, just released. These stats are recorded by the Residential Tenancies Authority each time a new bond is lodged – so while they’re not measuring lease renewals they’re our most reliable market data for rental market trend watching!
- Across Brisbane median weekly rent for a 2 bed apartment was down $10 to $420. This was back to 2018 levels, dipping after a new record high in the March quarter.
- On average, inner-city suburbs remained at $490/week. We’ve sat on this median rent for a full year now.
- 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 dipped, now back to $430 after setting a record high in the March quarter.
- 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 28% of Brisbane’s rental pool, with just over 50,000 rented dwellings
- While the rate of growth continues to slow dramatically compared with 2017 and 2018, over the past two years the number of inner-city rental homes has risen almost 9,000!
- That change in supply was dominated by jumps in postcodes 4102 The Gabba/Dutton Park (51% more rental properties), 4006 Newstead/Valley/Bowen Hills (37% more) and 4101 South Bris/Highgate Hill/West End with 35% increase in rental dwellings over the 2 years.
Please share your comments on Brisbane’s rental market!