BRISBANE RENTAL CRISIS 2023: A PERFECT STORM OF HIGH DEMAND AND LOW SUPPLY
If you're a renter in Brisbane, you may have noticed that finding a home has become more challenging recently. Unfortunately, the Brisbane rental crisis in 2023 is showing no signs of abating. According to data from CoreLogic, the situation is only getting worse.
Demand for rental properties in Brisbane has increased significantly in recent years, due to population growth and a robust job market. However, the supply of available rental properties has not kept pace. This mismatch between supply and demand has created a perfect storm of rising rents and low vacancy rates.
First off, let's talk numbers (just a little bit, we promise). According to the latest data from CoreLogic in February 2023, the rental vacancy rate in Brisbane has hit an all-time low of 0.6%. That means there are very few rental properties available, and competition for those properties is fierce. This has created a highly competitive environment for renters, with many properties receiving multiple applications within hours of being listed.
There are several factors contributing to the Brisbane rental crisis. One is the lack of new housing construction, particularly in the inner city. This has led to a shortage of available properties in popular suburbs, such as West End, New Farm, and Fortitude Valley. In addition, the COVID-19 pandemic has caused disruptions to the construction industry, which has delayed the completion of new projects.
Another factor is the rise of short-term rentals, such as AirBNB. This has led to a reduction in the number of properties available for long-term rental, particularly in tourist hotspots like South Bank and Kangaroo Point.
What can renters do in the face of the Brisbane rental crisis? Unfortunately, there are no easy solutions. Renters may need to adjust their expectations in terms of the location. It's also important to be prepared when attending property inspections, with all the necessary documentation and references in order.
Ultimately, the Brisbane rental crisis underscores the need for a comprehensive approach to housing policy. This could include incentives for developers to build more rental properties, as well as tighter regulations on short-term rentals. In the meantime, renters will need to navigate a challenging market that shows no signs of easing in the near future.
So, what can you do if you're looking for a rental property in Brisbane? Well, we've got a few tips for you:
- Start your search early. Don't wait until the last minute to start looking for a rental property. The earlier you start, the more options you'll have and the better your chances of finding something that suits your needs.
- Be prepared to act quickly. When you do find a property that you like, be prepared to act quickly. Have all your documentation ready to go, and be ready to sign a lease and pay a bond on the spot.
- Consider sharing with housemates. If you're finding it difficult to find a property within your budget, consider sharing with housemates. This will not only help with the rent, but also give you a chance to make some new friends. Check out Flatmates.com.au
- Be prepared to be a little flexible with your requirements. If you're struggling to find a property that meets all your requirements, consider being a little more flexible. Maybe you can compromise on location, or consider a property that's a little smaller than you would have liked.
- Consider a short-term rental. If you're really struggling to find a long-term rental property, consider a short-term rental. This will give you a chance to get settled in Brisbane and continue your search for a more permanent solution.
So, there you have it! While the rental housing crisis in Brisbane is certainly no laughing matter, we hope these tips have given you some practical advice for navigating the market. And remember, if you need any assistance with your property search, our team is always here to help.
Contact our head of property management, Anthony Williams on 0411 404 740.
