Brisbane recorded a rental vacancy rate of just 1.4 per cent in February according to Domain. This is down from a vacancy rate of 2.1 per cent in February 2020.
This gives us the tightest rental market of the major capital cities, and tighter than the national average of 1.9 per cent.
So what’s driving the competition for rental properties?
It’s been no secret that Queensland – particularly the south east corner – has become a popular destination for people moving from Victoria and New South Wales.
Brisbane also avoided the worst of the pandemic-related impacts from the drop in international arrivals. Our inner city vacancy rate of 4.3 per cent is higher than the citywide average, but overall we’ve felt less pain than Sydney and Melbourne from international border closures.
So what does this mean for tenants? Is it getting tougher to find a rental? Will rents increase?
It really depends where you are looking – certainly the inner city rental market still offers some broader options than middle to outer suburban markets where vacancies are getting tighter.
Check out the rental vacancy rates across Australia’s capital cities in February 2021:
- National, 1.9%
- Sydney, 2.8%
- Melbourne, 4.7%
- Brisbane, 1.4%
- Perth, 0.7%
- Adelaide, 0.6%
- Hobart, 0.5%
- ACT, 0.8%
- Darwin, 0.8%
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