Outer Brisbane was even tighter with a 2 per cent vacancy rate, while inner Brisbane jumped into the ‘healthy’ range with a vacancy rate of 3.3 per cent.
Overall, the greater Brisbane area remained at the upper end of the tight range for the fifth consecutive quarter, with a vacancy rate of 2.4 per cent, up from 2.2 per cent the previous quarter.
The hardest spot to find a rental in the south east is Moreton Bay where vacancy rates are sitting at just 1.4 per cent.
Redlands is also tough for tenants with a vacancy rate of 1.6 per cent.
“The changing market is reflected in median rents, with three-bedroom houses, two-bedroom units and three-bedroom townhouses increasing by around 1.9% over the year from March 2018 to 2019,” the REIQ reports.
Across Queensland, renters in Maryborough have the toughest time finding a home with a vacancy rate of 0.3 per cent. While landlords in Burdekin are doing it tough with a vacancy rate of 4.3 per cent.
The REIQ classes rental markets into three categories: weak, healthy or tight, classified according to vacancy rates:
- 0-2.5% = tight
- 5-3.5% = healthy
- above 3.5% = weak