Regions where rental properties are getting snapped up quicker

Markets where demand is strong and supply is scarce have made rentals more competitive than ever, but some regions are being hit harder than others.

Recent PropTrack rental report revealed that in December 2022, the median number of days a rental property was listed on realestate.com.au was just 18 days.

This was the lowest record in the last five years.

Some regions have been particularly hard hit by the rent crisis.Photo: Getty

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Local National Day declines could be attributed to a surge in rental demand in the four capital cities of Sydney, Melbourne, Brisbane and Perth.

Median length of stay on site decreased between 2 and 7 days. This means the property was rented out much earlier than the previous year.

Especially in the city center, the conditions are the most severe.

This is evident when looking at the 10 SA4 regions with the greatest decrease in days in the field. SA4 regions are regions geographically divided into populations between 100,000 and 500,000 using the ABS criteria.

More than half of the regions with the fastest year-over-year change in local rental days were in our largest cities, Sydney and Melbourne.

From December 2021 to December 2022, central Melbourne and Sydney’s City and Inner South areas saw a 47% and 34% reduction in on-site stays, respectively.

Rental properties in the North Sydney and Hornsby and Blacktown areas were also more sought after by prospective tenants.

Properties in North East Perth and Brisbane Inner City were rented out nearly 30% faster than last year, reducing the length of stay on site to 16 and 15 days respectively.

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But what exactly is contributing to this increased demand in the capital?

Part of the story is the return of international students and immigrants following the reopening of borders and the resumption of learning on campus.

From December 2021, net migration is in positive territory following a decline from March 2020, according to the Australian Bureau of Statistics Country, State and Territory Populations publication.

After a slowdown in demand in 2020-2021, international students and immigrants are now competing with locals for inner-city rental properties.

Another potential factor is the declining number of households.

Comparing the 2016 and 2021 Census data, The number of single-person rental households has increased, and the number of large-scale households has decreased. Over 5 years.

This means you need more properties for the same number of people.

In-depth insights from PropTrack’s team of experts:

Demand for rental properties is expected to continue its upward trend, especially in central Tokyo.

Rents are expected to rise as a result, but as people move back into the capital, we expect those looking to rent in rural areas to have some respite.