The rental market for apartments has outperformed that of houses during the year to September, according to Australian Property Monitors. The rent for units has been creeping higher and in most capital cities prices are almost as expensive as houses.
Nationally median rents for houses fell by 0.2 per cent while unit rents rose 1.1 per cent, according to APM’s Rental Price Series Quarterly Report.
Median rents for apartments are approaching parity with houses in most capital cities.
In Melbourne the median rent for units is $350 (houses $360), in Sydney $460 (houses $495), in Brisbane $360 (houses $370), in Perth $370 (houses $380) and in Canberra $430 (houses $465).
Of course with lower prices and higher rents apartments have better yields than houses making them more affordable to finance.
Add to that the fact that well located apartments have comparable rates of capital growth to houses in similar locations and it’s easy to come to the conclusion that apartments make great investments.
If you need any further convincing, please read the following blogs:
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