With available rental properties at critically low levels in some parts of Australia, more pain is set to come for those looking for a home to lease.
Visitors are allowed back into Australia from February 21 and the apartment market in particular is expected to pick up after taking a hit through the pandemic, as the country sees the return of international students and skilled immigrants looking for places to lease, according to property experts.Rents have already begun to creep up across the board in the past four months, but an influx of potential renters into the market is expected to see prices explode even further.
Rents have already begun to climb in the last four months and more competition could make it even harder. Picture: NCA NewsWire/David SwiftThe Queensland capital has seen weekly rent for houses rise to $480 as it continues to overtake Melbourne, which has an average weekly rent of $445, the Domain report found.
“The reopened borders could provide further challenges as the return of travellers, both domestically and internationally, sees landlords contemplate moving their rental properties from long-term leases to short-term letting.”Properties are also being snapped up in record time nationally, with the median days a place is advertised on realestate.com.au at a historic low of 21 days in December 2021.
“In most cases now we’re seeing three or four fantastic applications and trying to split hairs,” he said. “The increase in demand and competition for larger spaces has resulted in landlords hiking asking house rent prices three times faster than units over the past year,” she said. “This is likely to be further strained by demand from Covid-19 escapees as some return from sea and tree change areas which may result in further increase in rental prices.”
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