A year ago, more than 1 in 4 Brissie rentals were below $400, showing that the cheap rental pool has more than halved over that time.
Brissie is largely on par with the combined capital cities rental rates, according to the latest PropTrack data published by Your Investment Property magazine, and the rental pinch is being felt across Australia.
“Demand for rentals is far outstripping supply, pushing weekly rents higher and the vacancy rate lower — as a result, there has been a significant reduction in rentals available for less than $400 per week since the onset of the pandemic,” said PropTrack director for economic research Cameron Kusher.
“We are now starting to see much larger declines in the share of listings under $400 per week in capital cities as opposed to regional areas. Houses are also seeing the share decline faster than units,” Mr Kusher said.
That can seem like a lot of doom and gloom if you’re searching at the cheaper end of the rental market.
So what can you do?
Depending on your situation, you might want to consider share-housing instead of going-it-alone.
For families, try looking in suburbs which have more affordable, family-friendly rental properties. These will typically be in the middle-to-outer ring suburbs.
If your circumstances allow it, consider units or townhouses, which are often cheaper than houses in the same suburb.
For those undecided about whether to buy now or keep renting, see an independent mortgage broker or financial advisor to crunch the numbers and see what works out best in your situation. You might prefer to pay off your own home loan instead of someone else’s!
And talk to local agents for advice on what’s happening in your local market.
Check out the percentage of rental properties for under $400 per week across our capital cities:
- Melbourne, 20.0%
- Adelaide, 18.3%
- Perth, 15.4%
- Brisbane, 13.0%
- Hobart, 12.0%
- Darwin, 8.8%
- Sydney, 7.8%
- ACT, 1.9%
Looking for a rental? Check our listings for rent.
Looking for a tenant? Talk to us about landlording.
