Cairns Rental Trends 

What’s happening within the Cairns rental market right now? It has certainly been an interesting last three months.

There are a few noteworthy trends taking place:

- We have noticed less applications per property, dropping from 15 down to 7.2 tenancy applications per property

- Conversely the vacancy rate has also dropped from 1.6% down to somewhere between 0.3 to 0.8% vacancy rate

- The average rent on properties has increased from $480 to $560 per week

- Days on market are hovering somewhere between 15 to 21 days

The other interesting trend developing, is that we are not seeing so much of a rental crisis, but more of a rental affordability crisis in the Cairns market. Recent surveys indicate that up to 65% of Australians are concerned about the cost of living. As an example, houses under $550 per week seem to be renting a lot faster, than houses priced over $550 per week.

Investors are thinking that because of the lower vacancy rate, they can ask for a higher rental amount than where the market is truly at. When investors hold out for an above market rent, they are not realising that a lot of tenants do not fit into the financial affordability criteria, for the higher rental amounts and the property may remain vacant longer than it should.

Data taken from a variety of sources we believe to be reliable. We assume no responsibility or liability for any errors or omissions in the content.

 If you have any questions regarding the rental market, or if we can help you with your investment property, please don’t hesitate to contact our New Client Consultant on 0418 538 650 or bdm@tspropertygroup.com.au