SA rental market remains steady
South Australia's rental market has started the year on steady ground, with vacancy rates ...
South Australia's rental market has started the year on steady ground, with vacancy rates stabilising over the last three months.
According to data released by the Real Estate Institute of South Australia, availability of rentals in the state hovered around the three per cent mark during the December quarter.
Metropolitan Adelaide recorded a vacancy rate of 3.1 per cent, while regional areas enjoyed a 3. 7 per cent vacancy rate.
REISA president Greg Moulton attributed the latest figures to tenants becoming increasingly more price sensitive when it comes to finding rental properties.
"Property managers across the state are consistently highlighting that the rental market is responding slower to filling vacancies and tenants are often only responding when the price meets the local market," he remarked.
"We've really seen price be a major factor in tenant's decisions in the past 12 months and as there are slightly more properties available for lease, the tension between vacancy and price has eased."
Mr Moulton said some properties are taking on average between four and six weeks to lease, with Adelaide's western suburbs recording the highest availability of rentals.
The average price for a rented home in Adelaide is $320 per week - unchanged from the September quarter and just $5 up from 12 months ago.