News Corp Australia Network
Demand for rentals is heating up across Adelaide, with many suburbs expected to be inundated with eager tenants this summer.
Mid January to the end of February is generally the busiest period for the rental market.
With interest in some suburbs surging last summer, a similar trend is expected over the next few months.
According to PropTrack data, Flagstaff Hill in Adelaide’s south had the largest year-on-year change in demand based on views per rental listing.
They rose 40.5 per cent, or about 300 views per listing, in the summer 2022-23 period compared to the same time the previous year.
Wayville followed with an increase of 26 per cent, or roughly 250 views per listing, then West Lakes at 22.1 per cent, or about 200 views per listing.
PropTrack senior economist Angus Moore said there was generally an uptick in both searches and new rental listings in January as many tenants’ leases came to an end or people moved for school or work.
“That’s when we see a lot of churn in rental markets – that’s when people leave and that generates people looking as well,” he said.
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“The unfortunate news for renters is it’s going to be another tough summer.
“Rental markets are just very tight in Adelaide, it’s the tightest rental market in the country at the moment.
“It’s going to be very competitive, which comes with increases in rents as well.”
Mr Moore said there was stronger demand for houses than units across Adelaide but since the pandemic, it was evening out.
Ray White SA chief executive Matt Lindblom said family homes with three to four bedrooms were still more hotly contested than any other property.
While he believed January would still be busy, Mr Lindblom said many tenants were being more cautious.
“Because the vacancy rates are so low, people are actually moving around less because they’re worried about, ‘What if I don’t find something?’,” he said.
“It’s not cheap to move either, it takes time but it also costs money.”
For those hoping to secure a property during the busy period, Mr Lindblom said it was important to act quickly.
“If there’s a lot of people at the inspection, there’s going to be a lot of interest,” he said.
“As soon as you see something, put in your application immediately – they go quickly.”
Top 10 Adelaide suburbs with biggest increases in rental demand
(Suburbs, increase in views per listing in summer 2021/2022 to summer 2022/2023)
Flagstaff Hill – 40.5 per cent
Wayville – 26.0 per cent
West Lakes – 22.1 per cent
Adelaide – 21.3 per cent
Bowden – 16.0 per cent
Paralowie – 15.5 per cent
Modbury – 14.6 per cent
Glenelg – 14.4 per cent
Davoren Park – 13.1 per cent
Tranmere – 12.7 per cent
(Source: PropTrack)
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- Source: https://www.realestate.com.au/news/demand-for-adelaide-rentals-tipped-to-heat-up-over-summer/