Apartments rise in popularity
Increasing numbers of tenants are looking to live in apartments rather than houses, a major listings portal has revealed.
Research from realestate.com.au indicates around 39 per cent of tenants are seeking new or established apartments to rent.
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This represents a seven per cent increase from the 2012 figures.
In particular, tenants younger than 35 and earning between $50,000 and $99,000 are drawn to high-density living, the website found.
Among Generation Y, 52 per cent indicated they would like to live in the inner suburbs.
By contrast, only six per cent of this age group showed an interest in living in regional suburbs.
CBD areas proved to be the most popular for apartment-living with Brisbane, Canberra, Perth and Melbourne topping the list of most searched-for suburbs.
However, Sydney town centres Parramatta and Chatswood also squeezed into the top 10 most desirable locations.
Daniel Argent from Urban Property said larger apartments were in particularly hot demand in Brisbane.
“There are a lot of people looking for two-bedroom apartments that are close to shopping and transport,” Mr Argent said.
“With such high demand, we find that most of the properties are tenanted within two weeks of listing.”
One reason behind the trend may be the lower maintenance and repairs associated with units, according to the data.