New data shows the national residential vacancy rate dropped to 1.9 per cent in April, down from 2.1 per cent in March, according to SQM Research.
In Brisbane it was lower at 1.4 per cent. This is well below the 2.5 per cent benchmark the Real Estate Institute of Queensland considers a ‘tight’ rental market. It’s also half what it was a year ago when rental vacancies were 2.8 per cent.
What does that mean in terms of the number of properties available to renters? A year ago there were 9,555 vacant properties for rent in Brisbane and now there’s 4,780.
So what’s driving the demand for rentals? Queensland remains a popular destination for people moving from interstate.
SQM Research Managing Director Louis Christopher also points to changes in property preferences.
“I believe we are also seeing the number of occupiers per dwelling falling, which is putting pressure on vacancies,” he said. “People are also looking for larger properties as they work from home and not wishing to live together.”
These figures are of course averages and it’s a good idea to talk to your local rental agents to find out what’s going on in your neighbourhood.