Landlords in Adelaide are in an enviable position as rental vacancies dropped for the second consecutive month, down to a low of 1.23% according to the Real Estate Institute of SA (REISA).
The vacancy rate in the city and North Adelaide fell to 1.21% for the month of August, down from 2.21% in July.
REISA president Robin Turner said “quality properties” were renting quickly, and investor interest had also stepped up a notch.
“It seems spring fever is hitting all sectors of the market at the moment, with rental demand increasing even before spring started,” Turner said.
“This vacancy rate has been steadily declining since June, so next month’s result is also expected to be very tight.”
Investors seeking high yields should turn their attention to western areas, where suburbs west of West Terrace, between Port Road and Anzac Highway but excluding Glenelg suburbs, experienced a vacancy rate of just 0.53%, down from 0.85% in July.
In the suburbs north of North Adelaide, between Port and Payneham Roads, just 1.07% properties were untenanted in August, while suburbs in Adelaide Hills, from Crafers to Nairne, recorded a rental vacancy rate of 0%.
Turner said tenants who are experiencing difficulties finding a property should list their details with a reputable property manager.
“The first thing a property manager does when a rental property becomes available is sort through the names on their database, so many properties aren’t even advertised,” he said.