Rents slowly creeping up |Rental Market Snapshot February 2019

There’s finally some signs of rental markets improving. Rent

Normally at this stage of the property cycle, when house and apartment prices are languishing or falling, rental markets tend to thrive and rents increase.

However this time round, in part due to an oversupply apartments in many locations, rents have been holding steady and falling in the certain locations.

Rent.com.au has released its latest report for February 2019 based on property leasing data.

Here are their key findings…

  • Across the board, all but two states and territories (Brisbane, unchanged and Perth down 0.7%), recorded an increase in apartment median rents in February.
  • Hobart’s apartment rents rose most significantly of all capitals, up 4.2% to $365/week.
  • Growth was even recorded in Darwin’s rental market in February – apartments rose 2.9% to $350/week and houses were up 2% to $490/week.
  • Across all property types, Perth was the cheapest place to rent a room in January at $126/week.

How the states and territories compared in February 2019

Median rent (apartments v houses) and price per room

Metro area Apartments % change Houses % change Price per room % change
National median $460 2.20% $440 -2.20% $197 3.90%
SYDNEY $540 3.80% $600 0% $275 3.90%
MELBOURNE $430 2.30% $430 0% $185 0%
BRISBANE $410 0% $430 -2.20% $167 -1.40%
PERTH $320 -0.70% $370 0% $126 0%
ADELAIDE $310 1.60% $380 0% $136 -2.30%
HOBART $365 4.20% $450 0% $183 7.80%
DARWIN $350 2.90% $490 2% $150 0%
CANBERRA $465 3.30% $560 1.80% $216 0.70%

Source: Rent.com.au

Price trendsRental Rates

Rents for Brisbane house dipped by 2.2% in February, while Darwin and Canberra rents were up 2% and 1.8% respectively, according to new data.

The strongest-performing capital city was Hobart, where apartment median rents increased by 4.2% to $365/week, Rent.com.au reported.

Nationally, there was a 2.2% rise in apartment rents in February, which was driven upward by movement in rentals in Sydney (3.8%), Melbourne (2.3%), Adelaide (1.6%), Hobart (4.2%), Darwin(2.9%) and Canberra (3.3%).

Sydney remains the most expensive metro area for Australian house hunters with median apartment rents up 3.8% to $540/week and houses stable at $600/week. 2019 at the top of the list, unchanged as the most expensive metro area for Australian renters looking to rent an apartment ($520/week) or house ($600/week).

The markets are picking up

Rent.com.au CEO Greg Bader explained.

“Some health leasing activity coming over from the January/February rush has increased demand, so renters will have needed to act fast to secure their rental of choice.

This is good news – it shows landlords are taking heed of advice from their property managers and rental data to price their properties competitively from the start.”

Days on market | % change in no. days on market (Apartments v Houses)

At Metropole Property Management we’re experiencing increasing rental enquiries and more tenants apply for the properties we lease on behalf of our clients.Rents

As Metropole specialises in property management our vacancy rate is less than 1% (considerably below the market average), our tenants stay an average of 2 years and our properties lease 10 days faster than the market average.

Let us make things easier for you. Click here to find out about our professional property management services and leave us your details so we can give you an independent rental appraisal for your property

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Leanne Jopson

About

Leanne is National Director of Property Management at Metropole and a Property Professional in every sense of the word. With 20 years' experience in real estate, Leanne brings a wealth of knowledge and experience to maximise returns and minimise stress for their clients. Visit: www.metropolepropertymanagement.com.au


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