The rental market has remained stable in South Australia year-on-year, according to new data from the Real Estate Institute of South Australia (REISA).
According to REISA, the metropolitan median price for houses in Adelaide is $320 per week, unchanged from the previous quarter and up from $315 twelve months ago.
Regionally, the median house price is $250 per week, again unchanged from the September quarter of 2012 and up from $240 twelve months ago.
Releasing the December quarter data, REISA said properties are taking between four and six weeks to lease in many situations, with tenants being particularly price sensitive. This was the similar to what was recorded this time last year, it added.
“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,” Greg Moulton, president of the REISA said.
“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.”
The unit and apartment market has recorded a rental median house price in metropolitan Adelaide of $270 per week and $190 per week in the regional areas.
Metropolitan Adelaide recorded a vacancy rate of 3.1 per cent for the December quarter, whilst the regional areas of the state recorded a vacancy rate of 3.7 per cent.