Summer rent increase: Adelaide renters face increasing competition – realestate.com.au

Potential renters will soon have more rental property options in Adelaide, but they will also face stiffer competition.

The summer months are the busiest time for the rental market, as people move at the beginning of the year for a variety of reasons, including schooling and new jobs.

But that also means more people are looking for a new rental home, including those moving off the interstate.

Emma Slape, CEO of Turner Real Estate, said there are already more rental properties being offered, but there are significantly more people looking to rent them too.

“We are still receiving multiple property inquiries and houses are still the main target,” she said.

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Ms Slape said open inspections continued to be well attended, ahead of a brief quieter period over Christmas and New Year, and this was expected to pick up again in the coming weeks.

“We still expect some more movement from mid-January through March,” she said.

Tenants planning to move were already indicating they would not renew their leases in the new year, Ms Slape said, while others were canceling their leases, some because it had become too expensive.

“It’s very difficult now to afford a house on your own,” she said.

“We’re not seeing as big of an increase in rents now, it’s definitely slowed down.”

However, rents in some areas are still rising, with the latest PropTrack data showing that more than twenty suburbs and cities in South Africa have recorded double-digit growth in the past year.

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Emma Slape, CEO of Turner Real Estate. Photo: Brad Griffin

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Houses in Hayborough showed the strongest growth, with average asking rent rising 21.2 per cent to $600 per week.

Wallaroo homes were in second place, up 18.4 percent to $450 per week, followed by Brighton homes (14.6 percent to $550), Port Pirie West homes (13.6 percent to $375 per week) and Port Pirie South homes (13.2 percent to $430 per week).

The cheapest suburbs for homes in Metropolitan Adelaide are Glandore, with an asking rent of $440 per week, and Plympton and Camden Park, both at $450, PropTrack data shows.

For units it’s Evandale at $445 per week, and Brooklyn Park and Rosewater, both at $450 per week.

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Harris Real Estate director Phil Harris.

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The most expensive was Medindie, with a weekly asking rent of $1315 per week, followed by Malvern and Unley Park, both at $1050 per week.

Harris Real Estate director Phil Harris said late last month that rental prices were likely to follow the growth forecast for house prices over the next decade.

“In a real estate market that is rising so quickly, I think rental prices are reflecting that, largely due to the continued limited supply of real estate,” he said.

“The biggest shortage is in the supply of affordable rental properties – the higher you go, the more options, but under €700 a week it is very competitive.”