Brighter Landlording

Market Update: Record rents in numbers

by Justin Watt, CEO 15 September 2022

Brissie renters will know first hand that rents have been climbing for a while now. The latest stats show just how much the market has moved in recent years.

Brissie rents have climbed a whopping 23 per cent since the onset of COVID-19 in March 2020.

  • The portion of income paid towards rent has now increased to 29.3 per cent – its highest level since 2009.
  • For the greater Brisbane area, the median weekly rent value at the end of August across all dwellings is $530 per week. This highlights that rents have increased by a record growth rate of 13.3 per cent in the past year.
  • Rental vacancy rates were below 1 per cent in August. This is less than half the five-year average of 2.8 per cent. It’s also well below the REIQ ‘healthy’ vacancy range of 2.5-3.5 per cent.
  • Total rental listings are 48 per cent lower in 2022 than the five-year average. Fewer rental properties create greater competition and high price growth.
  • Lastly, sales data shows a bunch of investors sold up during 2021 as prices peaked.

This could all paint a depressing picture for renters. But oddly enough, landlords selling up could be a good thing.

“It is worth noting that if investors sell to first home buyers, this can actually alleviate some of the demand pressure in the rental market, as people transition from renting to home ownership,” reports CoreLogic.

As prices soften with rising interest rates, the first home buyer landscape is changing and those on the rent-or-buy fence might do well to weigh up if buying is a better option in the changing market.

Thinking of buying? View our current listings for sale.

Rolling with the rental market? Check our listings for rent.