Rental Market

by Administrator 28. October 2013 22:08

Recent data shows that the rental system is cooling with median rents dropping by around 1% as the metropolitan vacancy rate rests at a normal 3.1% of available properties.  At M Residential, our vacancy rate sits around the 2.45%.

We now have around 3,843 rental listings in the market place which is down by about 6% over the last three months but still well above the same time last year at 81%.

Within this context the median rent has dropped back to $470 per week, or around $475 for a house – down by $5 on the June quarter and $450 for a flat, unit, apartment or villa – down by $10. Data is now highlighting the expected fall in rents anticipated in several sub-markets.

As previously predicted, the rise in the vacancy rate is now seeing a softening in rents in a number of areas.

Information provided by REIWA

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