Useful Facts Without Opinions: 3% rise for inner Brisbane’s rental market
Inner Brisbane’s rental market continued to gain momentum in the June quarter as median rents rose another 3%. New bonds data from the Residential Tenancies Authority shows increased tenant demand has further improved landlord returns.
- Brisbane’s inner-city rents rose to a median of $495 per week (2 bed apartment). That’s still $15 below the March 2020 peak but a big improvement from the $470 median we saw for much of last year.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment was flat at $435 per week, also down on its pre-COVID peak, but up $25 on the same time a year earlier.
- We track 2 bed apartments as our ‘headline’ stats due to their dominance in the rental market: but for comparison Brisbane’s 3 bed median house rents were well up across the city, reaching a new record high of $480/week.
- The CBD and Spring Hill experienced the biggest drops during COVID (down 16% at one point) but managed to record a small rent increase in the June quarter as demand improved.
- St Lucia is still feeling the absence of international students, with local rents dipping 3% this past quarter.
Enquiry from relocating tenants is high (the Bees Nees Realty leasing team recorded 1,256 enquiries in June alone) so further rent increases look likely in this third quarter.
Please share your comments on Brisbane’s rental market!