New apartments still in demand: Brisbane renters ‘willing to pay’

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The survey results reflected confidence that there was enough demand to absorb the supply of new apartment stock.

Paul Riga View Profile

Mr Riga said the survey results reflected confidence that there was enough demand to absorb the supply of new apartment stock.

“What it’s showing to us is there is a premium level of demand being placed on these new projects,” Mr Riga said.

“(People) want to be in them and they’re willing to pay, in a number of cases, higher rent than in the more established market to be in something that’s new or has good communal amenity.”

Mr Riga said 10 to 12 apartments a week were being rented out in each of the projects included in the survey in inner Brisbane.

“We’re confident this absorption will continue over the next 12 to 18 months,” Mr Riga said.

Inner Brisbane building managers reported that rental inquiry from interstate had almost doubled in the past 12 months.

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We’re confident this absorption will continue over the next 12 to 18 months.

Paul Riga View Profile

Demand to rent new apartments is also evident in Brisbane’s middle and outer rings, where the vacancy rate was 0 to 0.9 per cent and around 0 per cent, respectively, according to Urbis’ survey.

Mr Riga said it was surprising to find a spread of age groups renting apartments in the middle ring.

“That shows that apartment product in that middle ring isn’t something that’s just a Gen Y/young couple targeted product,” he said.

“I think it does show apartment living is becoming less of a dirty word in the middle ring.”

This article was first published in The Courier Mail. Click here to view.