Brighter Landlording

Market update: Unit rents approaching houses

by Justin Watt, CEO 2 May 2024

Rents are continuing to rise with new data showing the gap between house and unit rents in Brissie is closing fast. In fact Brisbane is now Australia’s second most expensive city to rent a unit.

Units rents rose a whopping 18 per cent between March last year and this year.

House rents in Brisbane rose 10.7 per cent over the same period, roughly in line with rents nationally.

Brisbane’s median weekly rent for a unit is now $590 compared to $620 for a house.

Domain chief of research and economics Dr Nicola Powell says migration is contributing to increased demand for units.

“This demand for units has narrowed the gap between unit and house rents, especially in big cities like Sydney, Melbourne and Brisbane,” she said.

The question for tenants is how high will rents go?

Things may ease a little seasonally as we come out of the typically busy first quarter rental period.

And there is some sign that demand is easing.

“We are seeing the number of prospective tenants per rental listing ease, suggesting some pressure has been lifted,” Dr Powell says.

Looking to add to rental supply? Talk to us about landlording.

Looking for a rental? Check our listings for rent.