Adelaide rent market still tight
The rental market in Adelaide has tightened with the vacancy rate dropping to 1.3%, according to the Real Estate Institute of South Australia (REISA).
REISA President Robin Turner says Adelaide’s vacancy rate has not exceeded 2% since June 2005.
“Anecdotal evidence from property managers suggests properties under $250/week are in high demand, while properties above $350/week are attracting minimal inquiry,” says Turner.
Adelaide’s median weekly rent for houses now sits at $285, up from $270 a year ago. The median weekly rental for units increased to $250, a jump of $25 over the past year.
All sectors of the city rental market reported vacancies below 2%, with the Inner City the lowest at 0.9%.
