Brighter Landlording

Unit rents continue to close the gap on houses

by Kate Watt, Marketing Manager 13 June 2024

Unit rents are continuing to rise faster than house rents as tenants seek out value from their rental dollars.

In the first quarter of this year, January to March, unit rents in Brisbane rose 5.4 per cent compared to house rents which rose 3.3 per cent.

“That demand for units, coupled with the lack of supply, is pushing up unit rents faster than house rents and suggests a potentially higher yield for units in the short to medium term,” Mike Mortlock of MCG Quantity Surveyors told Domain.

Brisbane’s median rent is now $649 according to CoreLogic data reported by ABC news. This is up 8.5 per cent year-on-year.

This nifty Weekly Rents chart from SQM Research breaks rental prices down further into houses and units according to the number of bedrooms.

Property commentators are tipping rental prices to remain elevated for some time yet as low stock and high demand continues.

This is leading to changes in how renters and aspiring first home buyers are approaching the property market. Some are living with family longer to save a deposit or share housing to save on rent. Others are leaning on the bank of mum and dad or tapping into government first home buyer support to help them move out of the rental market and into home ownership sooner.

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