Prospective tenants will soon have more rental property options across Adelaide – but they’ll also have fiercer competition.
The summer months are the busiest period for the rental market, as people move for various reasons at the beginning of the year, including schooling and new jobs.
But that also means more people are looking for a new rental, including those moving from interstate.
Turner Real Estate chief executive Emma Slape said there were already more rentals on offer but significantly more people looking to lease them too.
“We’re still getting multiple applications on properties and houses are still the number one target,” she said.
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The summer months are the busiest period for the rental market.
Ms Slape said open inspections were still well attended ahead of a briefly quieter period over Christmas and New Year, and it was expected to pick up again in coming weeks.
“We are still expecting a bit more movement from mid January through to March,” she said.
Tenants who planned to move were already indicating they wouldn’t be renewing leases in the new year, Ms Slape said, while others were breaking them, some because it had become too expensive.
“It’s now very hard to afford a property by yourself,” she said.
“We’re not seeing as much of an increase in rent prices now, that’s definitely slowed down.”
Rents in some areas are still surging though, with latest PropTrack data showing more than 20 SA suburbs and towns have recorded double digit growth in the past year.
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Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin
Hayborough houses recorded the strongest growth, with their median asking rent climbing 21.2 per cent to $600 a week.
Wallaroo houses were second, up 18.4 per cent to $450 per week, followed by Brighton units (14.6 per cent to $550), Port Pirie West houses (13.6 per cent to $375 per week) and Port Pirie South houses (13.2 per cent to $430 per week).
Metropolitan Adelaide’s cheapest suburbs for houses are Glandore, with an asking rent of $440 per week, and Plympton and Camden Park, both at $450, PropTrack data shows.
For units, it’s Evandale at $445 per week, and Brooklyn Park and Rosewater, both at $450 per week.
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Harris Real Estate managing director Phil Harris.
The most expensive was Medindie, with a weekly asking rent of $1315 per week, followed by Malvern and Unley Park, both at $1050 per week.
Harris Real Estate managing director Phil Harris said late last month rental prices would likely follow the growth forecast for house prices over the next decade.
“In a property market that is inclining so quickly, I think rental prices are mirroring that, thanks largely to the ongoing limited supply of property,” he said.
“The main shortage is in the supply of affordable rentals – the higher you go the more opportunities, but below $700 a week is highly competitive.”
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