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.
Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
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%).
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Sydney property market forecast for 2024
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).
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.
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