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