Suzana Wade, CEO of Locate Property, a well-known Brisbane property management firm, has been actively tracking the current market trends for Brisbane Real Estate rentals for 2023 and conducting data analysis to forecast what the future of our industry will entail. The rental market for 2023 and beyond has been the subject of a lot of recent discussion, so I wanted to share my knowledge with you.
According to a recent ABC investigation, the Brisbane Real Estate rental market is anticipated to get more competitive in 2023 and 2024. This is due to a number of factors, including rising interest rates, a slowdown in the housing market, and a lack of new development projects that are starting up. These factors are reducing the supply of rental properties, which is raising rental prices.
Brisbane Real Estate rentals for 2023 is already witnessing the emergence of this trend. There has been a noticeable rise in demand for rental properties with a 30% increase in demand over the previous year. However, the number of properties available has decreased by 26%. As a result, there will be pressure on rent prices to increase. For instance, we anticipate a $450 to $550 price increase for apartments on Brisbane’s north side over the course of the next 18 months, with even higher price increases for houses.
As the rental market becomes more competitive and rental prices rise, tenants should be aware of these market trends and start preparing for potentially higher rental rates in the future. If you like where you live and the rent is reasonable, it might be a good idea to lock in your lease for the long term. To ensure they are getting the best interest rates, landlords must speak with their bank or seek advice from a reputable independent finance broker. Selecting a rental agency is essential if you want to maximize yield opportunities when leases are up for renewal while also rewarding excellent tenants.
Suzana Wade constantly keeps up with trends and provides our clients with the most recent data and market insights. This may be a trying time for both tenants and landlords, and we are here to help you get through it. In order to make decisions that are in line with their particular needs and goals, we advise our clients to carefully consider all of their options.
If you enjoyed the article on Brisbane Real Estate Rentals for 2023, consider other resources from REIQ when doing your own research about Property Investment.