Useful Facts Without Opinions: inner Brisbane rents up 8% in a year
The first quarter of 2022 has seen a surge in demand from tenants, with inner Brisbane rents leaping 4% in just 3 months. That means our median rent is now 8% higher than this time last year. This week’s data from the Residential Tenancies Authority shows high growth in most postcodes.
- Inner-city Brisbane rents rose to a median weekly rent of $520. This market last peaked at $510 in 2019 so we’re now at record highs.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment is also at a new high of $465 per week, up $30 or 7% on the March quarter of last year.
- Suburbs like Kangaroo Point/East Brisbane (the 4169 postcode) and St Lucia (4067) have led the spike in Brisbane rents, with increases for the past year of 13% and 10% respectively. These can partly be credited to the first international students returning.
- We track 2 bed apartments as our ‘headline’ stats due to their dominance in the rental market: but for comparison inner Brisbane’s 3 bed median house rents were also up 10% this past year, now at $650/week.
- The rapid rise in tenant demand has not been matched by supply, even with our inner-city rental pool growing a healthy 5% over the past 12 months to 60,405 dwellings.
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