DEMAND for rental properties in Brisbane has jumped by nearly 24 per cent in the past year, new figures from realestate.com.au reveal.
As competition for rentals heats up, the site has also identified the most sought-after suburbs to lease a property in the past six months, within 20km of the CBD.
The research shows more people want to rent a house in Brisbane’s inner north than anywhere else in the city, but the southside prevails when it comes to demand for unit rentals.
Realestate.com.au chief economist Nerida Conisbee said the site had already recorded 1.2 million searches for rentals in Brisbane in just the first two weeks of 2018.
Ms Conisbee said realestate.com.au’s rental demand index was up nearly 23.8 per cent in Brisbane compared to the same time last year.
“What that typically means is it reflects jobs growth,” she said.
“I think it’s good news for Brisbane.
“The growth in rental demand is similar to Melbourne but a lot higher than Sydney.”
Camp Hill, 6km from the CBD, tops the list for units in the city, attracting more than 820 online visits per property, followed by Holland Park.
The median weekly rent for a unit in Camp Hill is $370.
When it comes to houses, you’ll have a tough time snagging something in Fortitude Valley, with listings in the inner-city suburb receiving more than 1200 online visits in the second half of 2017.
It was followed closely by nearby Windsor, New Farm and Newmarket, which all attracted more than 1100 views per listing.
The median weekly rent for a house in Fortitude Valley is $465, but jumps to $753 in New Farm.
A quick search on realestate.com.au reveals there are not many houses for rent in Fortitude Valley, but plenty to choose from if you venture into its neighbouring suburbs.
A four-bedroom, two-bathroom cottage at 176 Arthur St, Fortitude Valley, is currently for lease for $600 a week.
In New Farm, this three-bedroom Queenslander at 585 Lower Bowen Terrace is available for $625 a week.
For $330 a week, you can rent a tidy, two-bedroom unit in Camp Hill, like this one at 6/25 Bundah Street.
This spacious, two-bedroom, two-bathroom unit at 827 Steele St, Holland Park, will set you back $120 more.
ISLAND GEM SELLS
Rental applications often peak in January as many renters view summer as the perfect time to find a better deal.
Ms Conisbee said most people looking to rent were often younger, which might explain the popularity of Fortitude Valley and surrounding suburbs.
“It has to do with those areas being very popular with young people,” she said.
“These areas are a lot of fun, have a good night-life, restaurants and are close to the city.”
Ms Conisbee said the high-demand areas for apartments were suburbs that did not have much apartment stock, such as Camp Hill and Holland Park.
In good news for renters, vacancy rates in Brisbane rose in December from 3.4 per cent to 3.8 per cent, according to the latest figures from SQM Research.
They had tightened significantly over the past year.
But rents are also rising, with asking rents for houses up 1.1 per cent to $448 a week and units rising 0.6 per cent to $368 during the month.
SQM Research managing director Louis Christopher said it was common for vacancies to rise in December due to seasonality.
Mr Christopher said vacancy rates in all capital cities rose in December, but the rise in Sydney was larger than expected.