Low number of listings, surging rents and properties being leased in just over two weeks has only worsened the rental crisis in SA.
New data from PropTrack has revealed that rental properties in Adelaide, listed on realestate.com.au, are renting in just 16 days.
This comes as the number of homes available to rent has been trending lower since the pandemic began. In Adelaide, total rental listings are now 38 per cent lower than pre-pandemic levels.
This two-bedroom unit at 2/248 Anzac Highway, Plympton is available to rent for $365 per week. Pic: realestate.com.au.
Nationally, the number of days it took a rental property to be leased, after it was listed on realestate.com.au, in July hit a historic low of 19 days.
According to PropTrack senior economist Eleanor Creagh, there are a number of factors that are adding to the tightness of the rental market.
“One of the major reasons for homes being rented out very quickly is the fact that the number of homes available to rent is much lower than what it was at the onset of pandemic,” Ms Creagh said.
This house at 13A Wyn Street, Campbelltown has a rental guide of $550 to $575 per week. Pic: realestate.com.au.
“Rental supply is extremely tight and with borders having reopened, and with the migration trends in play, there has been a surge in demand for rentals. The competition for rentals has increased significantly, which is why they are being leased out in no time,” she said.
The low level of rental stock has also led to a surge in demand. The data reported the number of potential renters per listing has increased by 40 per cent for units, and 5 per cent for houses in July year-on-year.
