Rapidly increasing rents have been putting considerable pressure on many Australians over the past year and making it harder to find affordable rentals in the capital cities.
The national median weekly rent has increased by 11 per cent compared to last year, but some cities are seeing even more growth. In Brisbane, the median rent has increased by 15.6 per cent, the most significant increase of all the capital cities. Properties with a weekly rent of $400 per week or lower are still available, but they are becoming few and far between.
Last month, 10.9 per cent of rental properties listed on realestate.com.au were $400 per week or less in Brisbane. That’s 34.9 per cent fewer than last year.
In April 2023, Logan – Beaudesert had the highest share of listings under that price point at 16.3 per cent. Ipswich had 15.5 per cent, and Moreton Bay – North had 12.7 per cent. In inner Brisbane, only 8.2 per cent of listings were priced at $400 or below. Moreton Bay – South and Brisbane – West were close behind with 8.6 per cent and 8.7 per cent, respectively.
Woodridge had the most rentals in that price range in Brisbane in April, closely followed by Caboolture. Nearly two thirds (59.7 per cent) of rentals in Woodridge were $400 per week or less.
Alarmingly, 54 suburbs in Brisbane did not have a single rental listed below $400 per week in April, including Mount Gravatt, Teneriffe, Bulimba, and Nudgee, proving that some suburbs are out of reach for those with a smaller budget.
A lot of new construction is under way, however this does not address the short-term problem. The cost of renting will continue increasing, particularly in the capital cities, for the foreseeable future.