Calm before storm as rental vacancies ease

As the rental market prepares for its busiest period of the year, Adelaide’s vacancy rate eased slightly to 1.63% for the month of November, according to the Real Estate Institute of SA (REISA).

The November rate has been likened to the ‘calm before the storm’ as property managers get ready for an onslaught of tenant enquires from January to March as people set themselves up for the calendar year.
 
“When Year 12 results come out and university places are offered, many students start looking for rental accommodation. This is in addition to all the regular families, migrants and lease renewals which come up at that time of year,” REISA President Robin Turner said.
 
“While a rate of 1.63% still sounds low, this time last year vacancies in Adelaide were under 1% so it is quite a notable improvement on that.”
 
Mr Turner said tenants should register their details with their local REISA-member property manager to ensure they are given the best chance at viewing all available properties.
 
“The northern suburbs have had the highest vacancy for a few months now so potential tenants are advised to look there if they are having trouble securing a place,” he said.
 
The REISA vacancy rate survey is broken down into six main areas. The parameters and statistics for November 2007 were:
 
City – All city and North Adelaide only – 1.28%
 
West – Suburbs west of West Terrace and South Road, and up to Port Road – 0.41%
 
South – Suburbs south of and bounded by South Terrace, Glen Osmond Road, ANZAC Highway, and South Road – 1.09%
 
East – Suburbs east of the city square, between Payneham and Glen Osmond Roads, excluding the Hills area – 1.29%
 
North – Suburbs north of North Adelaide, between Port and Payneham Roads, turning into Lower North East Road – 2.97%
 
Hills – Suburbs from Crafers to Nairne – 0.00%
 
REISA conducts its exclusive residential vacancy rate survey monthly. Around 5000 properties were included in the survey undertaken for November 2007 with statistics kindly provided by REISA member property managers across the metropolitan area.

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