Rental demand up 30% in Feb
New research from Raine & Horne has found that students are driving demand for rental accommodation by as much as 30 per cent this month.
According to the Raine & Horne Group, the 1.4 million students across Australia returning to university in February can push demand for rental accommodation up significantly.
Taking a look at specific cities, Jacky Yang, co-principal of Raine & Horne Unley, said the rental market of Adelaide, which is home to University of Adelaide and University of South Australia, remains tight, “with almost no vacant apartments available in the inner city in February”.
“Ninety per cent of international students prefer to live in an inner-city apartment when they first arrive in Adelaide to attend university, and this drives up demand for rental accommodation in February by up to 15 per cent than the annual average,” Mr Yang said.
“This level of demand puts the squeeze on the supply of rental apartments, with some students prepared to pay up to $50 more per week to secure accommodation close to the university.”
Meanwhile, rental accommodation in Sydney – home of widely popular UNSW – remains tight also, particularly in the eastern suburbs.
“Our student market is dominated by overseas students rather than local and country-based students,” said Sam Karatasas, principal of Raine & Horne Kingsford/Kensington.
“With vacancy rates of just 3.5 per cent and demand for accommodation in February about 30 per cent higher than the yearly average, any possible student accommodation in Kensington, Kingsford and Randwick is being snapped up almost immediately.”
“That said, a two-bedroom apartment at Unit 4 Kennedy Lane, Kingsford, which is available for $550 a week is a rare opportunity for students to grab some rental digs just two minutes from UNSW,” Mr Karatasas said.
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