Brisbane’s high rental vacancy rates have shifted the power from landlords to tenants with far more rental options available.
Vacancies for houses are at 2.6 per cent and units are soaring at 3.1 per cent.
New Domain Group data has separated the number of vacancies for both house and units by the number of bedrooms in July, which could give tenants a good idea whether they have a bargaining tool up their sleeve.
Does your suburb make the list? Photo: Jim Rice
Domain Group chief economist Andrew Wilson tenants hold the power in Brisbane.
“All the data points it being a tenants’ market and with new supply coming in, I can’t see that changing for some time,” Dr Wilson said.
“What that means is tenants ultimately have more choice, more options of where they want to live, and perhaps move into a bigger property.”
“And landlords have to adjust to that accordingly.”
Three-bedroom houses
Tenants renting three-bedroom houses in Kallangur, Redbank Plains, Calamvale, Morningside and Carina are in with the best odds of upgrading or reducing their weekly rent.
Two-bedroom houses
Woodridge has the most vacancies for two-bedroom houses, despite already low $265 median rents.
As well as topping the list of three-bedroom vacancies, Morningside also has a large number of two-bedroom sitting empty.
Other high vacancy rate suburbs are Ashgrove, Spring Hill, Annerley.
Four-bedroom houses
All high vacancy areas for four-bedroom houses are in developing suburbs where building is ongoing.
Redbank Plains, Yarrabilba, North Lakes, Springfield Lakes and Griffin recorded the highest vacancy rates.
One-bedroom units
If you’re renting a unit in Brisbane City, no matter the bedrooms, you probably have grounds to negotiate your rent. Not only is the CBD one of the most expensive places to rent, it is also the most vacant.
Other one-bedroom inner city suburbs with the highest vacancy rates are: New Farm, Hamilton, Fortitude Valley and Spring Hill.
Two-bedroom units
Brisbane City and New Farm remain top of the bunch for vacant two-bedroom units. Followed by Chermside, Nundah and Coorparoo.
Three-bedroom units
Larger apartments are increasing in numbers, but they aren’t popular everywhere just yet.
Again Brisbane City’s $780 a week is not impressing tenants, as renters leave it as the most vacant in Brisbane.
Mango Hill, Morningside, Nundah and Kallangur all follow as Brisbane’s most vacant suburbs for three-bedroom units.
Original article published at www.domain.com.au by Jason Quelch 15/8/16