Australian property investors will be buoyed by the news that rental demand is increasing, according to the chief executive officer of Harcourts Queensland.
Aaron Brooks pointed to the fact that the average rental vacancy rate in Brisbane was down to three per cent over the September 2011 quarter, a significant drop from the average of 3.8 per cent.
While this could be tough on people attempting to find properties to rent, investors and landlords should be able to find an opportunity in what had been a fairly deflated market over the course of last year.
"Tenants who are looking for a new rental property will have to work harder and smarter in order to secure a home," Mr Brooks said..
He added that tenants could be forced to attend more house viewings than usual in order to find the right place.
Property lobby group Australians for Affordable Housing claim that rents in Australia's capital cities have grown at twice the rate of inflation over the last five years.
Posted by Steve Douglas
