Milton Property Management: Summer Market Update
Rents at record highs as tenant demand strengthens
The latest stats show 2020 finished with median rents up further, with a local 2 bed apartment now $500/week – a record high. While the rental market in this postcode is still relatively small (and prone to shifts in the data), this does match the local positivity we’re witnessing.
Our leasing team are flat out at the moment, as tenant enquiry runs at near double the levels we saw through 2020. Plenty of people want to move to Milton and its surrounding areas!
Our vacancies rose above 4% during the worst of COVID but that’s now just a nudge above 1.5%. So with demand ramping up through this first part of the year it looks inevitable we’ll have further rent rises through 2021.
Note: RTA stats quoted here cover all of postcode 4064 including Paddington and Rosalie.