This is not great news for renters who have been battling an under supply of rentals for some time now, and it may prompt committed unit dwellers to look to different property types and locations.
The forecast comes from the latest CBRE Apartment Rent and Vacancy Outlook.
“Greater Brisbane’s current median rent for a two bed unit of $598 a week was forecast to rise to $707 by 2026, and $764 by 2028 – an area stretching from Ipswich to Logan to Moreton Bay,” reports realestate.com.au.
“Inner Brisbane was expected to see higher numbers… going from $630 a week now to $800 a week for a two-bedroom unit by 2028.”
The sky rocketing rents are driven by a unit shortfall of 10,000 each year.
“Estimates put new apartment supply at 6,500 a year to 2028 in Brisbane, while demand was over two times that at 16,500,” realestate.com.au reports.
Satellite hubs like Chermside or Everton Park are well positioned to attract the attention of renters who want to the buzz of the inner city but don’t want to pay the inner city price tag.
Renters in these precincts enjoy living strolling distance to dining, bars and shopping, and can afford to enjoy the lifestyle without the high end rental price tag.