The Inner Brisbane Apartment Rental Review recorded an annual rental price increase of 3.6% for one-bedroom one-car apartments and 3.3% for two-bedroom, two-car apartments.
Based on discussions with building managers, there has been a significant level of lease renewals and new tenant demand for new apartment buildings, with feedback indicating it is only taking one to two weeks for apartments to lease.
“Whilst the Urbis survey registered its lowest ever vacancy rate of 0.6% this quarter, building managers are aware of the competitive market, with price growth second priority to low vacancy,” Mr Riga said.
The Residential Tenancies Authority (RTA) also recorded rental price increases across one, two and three-bedroom apartments compared to one year ago. The largest increase was three-bedroom apartments at 3.8%, followed by one-bedroom apartments at 2.4%.
Mr Riga said that as well as price increases, the RTA also recorded an increase in bond lodgements. “Brisbane has seen more bonds lodged in the last 12 months than during the peak of apartment settlements in 2016/2017. There were 23,623 bonds lodged in the year to June 2019 within the Inner Brisbane catchment.”
“The rental market is active, with quality apartments – location, design, amenity – registering growth in take-up and weekly rents.”