One of Australia’s leading property data researchers believes the rental market is about to become even more challenging for tenants in capital cities.
SQM Research has reported a 17.5% increase in asking rents across Australia in the year to November 20, due to a decrease in the number of empty properties available for rent.
That said, SQM has detected an increase in the number of for-rent properties specifically in regional markets. But SQM managing director Louis Christopher added that an easing of regional markets would mean a tightening of metro markets.
“This easing might be attributed to a population flow back into the cities whereby an increasing number of white-collar workers are being asked to come back into the office,” he said.
“However, if we are correct in this assessment, this means the capital city rental market will continue to be under great strain for tenants over the foreseeable future and may not ease until late 2023 at the earliest.”