Brighter Landlording

Market update: New stats reveal super speed rental market

by Justin Watt, CEO 2 February 2023

Renters probably don’t need the stats to tell them competition remains tough for rental properties in Brisbane.

But new data from December 2022 confirms that demand for rentals in Brisbane – and much of Australia – was tougher than it was a year ago.

Overall Brisbane saw a 17.8 per cent drop in rental listings in December 2022 compared to December 2021, according to the December PropTrack Rental Report.

That’s a chunky decline and shows why renters in Brisbane were doing it tough last year. Demand

rose by 11.5 per cent over the same period.

That pushed Brisbane rental prices up by 11.4 per cent year-on-year, reports

Further stats comparing December 2022 to December 2021 paint a similar picture:

  • 36% rental vacancy, compared to 1.97% a year ago
  • 29 enquiries per listing, compared to 26 enquiries a year ago
  • 16 days on site, compared to 18 days on site a year ago.

So what does the year ahead look like?

The tough conditions are likely to continue for a little while yet, says PropTrack economic research head Cameron Kusher.

“With low volumes of stock available for rent at a time when demand for rentals is strong and is likely to increase further, we expect the market to remain extremely challenging for renters,” he said.

For landlords, that may be welcome news, as shorter vacancy periods and strong rents help offset rising interest rates.

For tenants, this environment can be difficult. Having your rental application information ready, including ID, pay information and references, can help you move fast when you find a rental you like.

For those renters thinking about becoming homeowners, talk to your local agents and get some financial advice to help achieve your home ownership dreams sooner.

Looking for a rental? Check our listings for rent.

Ready to step out of the rental race? View our current listings for sale.

Want to give a tenant a home? Talk to us about landlording.