Adelaide’s rental market is expected to remain competitive over summer, with low vacancy rates shaping conditions for renters and property owners.
While property prices are experiencing slight corrections, the Adelaide rental market expects ongoing rent rises in the face of the continued housing supply shortage and other factors. At present, Adelaide has the lowest vacancy rate of all Australian capital cities, according to Cotality’s Quarterly Rental Review for September.
What the Statistics and Experts Say
The national vacancy rate sits at 2.1%, while Adelaide continues to experience vacancy rates as low as 1.4%. Tenants in Adelaide have experienced rent rises of 6.3% over the past twelve months to a median rent of $672 per week, while nationally rents increased by 5.5% to $713 per week.
Giulia Kareta, Boffo’s Head of Property Management, says Adelaide rental properties will remain in high demand this summer. “During the current rental period, we are seeing an increase in enquiries as people and households plan to make a move for new employment opportunities in the new year.”
“Skilled migration continues to be a significant factor, with many people contacting Boffo directly as they relocate to sunny Adelaide from overseas. The exceptional lifestyle, employment opportunities and welcoming community continue to make Adelaide an attractive destination.”
What to Expect
While migration outpaces the new home building rate, current leasing statistics show that available rental properties are being snapped up in just seven days, putting competitive pressures on tenants. With this in mind, property analyst experts PropTrack suggest median weekly rents will continue to rise.
But they also talk about the affordability ceiling, noting that tenant wage growth won’t keep up with cumulative rent surges. Landlords may be forced to recognise that affordability constraints could dictate future rent rises, with gross yields currently sitting at 3.6% in Adelaide.
Available Rentals
Rental properties in Adelaide are still becoming available regularly, so if you’re a tenant seeking a rental property check out our list of quality rental accommodation in a wide range of Adelaide suburbs.
At Boffo Real Estate, we take good care of our landlords and tenants. If our property management team can assist you, give us a call. We are always happy to assist new landlords and talk to prospective tenants about our upcoming vacancies.
