The Rental Market Is Crazy in Adelaide

Willco88 on 06/02/2021 - 05:13
Last edited 06/02/2021 - 09:35 by 1 other user

I'm not sure how it is in other states but here in SA namely Adelaide is just insane going to open inspection with 100 other people, every house getting 100 applications, people have told me they had to offer $50 per week above the listed price to get a house, there is just so much demand here.

Even people with good jobs still struggling, I applied to 50 places over the last 6 months and finally got a place after having to offer $20 per week extra plus 2 months rent in advance!

Will just mean I'll have to start budgeting more or getting bargains more ahahahaha

Home & Garden

Comments

  • whitelie on 06/02/2021 - 05:27

    Very similar to Perth, vacancy rate has been about 0.8% since Dec or something.
    We've been in our place for a few years, about to start building our own place so should only be here another year but the lease renewal just came up….Went up $30/week and we pretty much just had to accept it. Too hard to find another place around the same money or cheaper plus I don't want to move for a year and move again.

  • EightImmortals on 06/02/2021 - 07:29
    +1

    Anyone know the reason for this?
    Are people selling up and renting because the government closed their businesses or cut off their income?

    • pantsparty on 06/02/2021 - 08:28
      +1

      Zac Efron

    • Quantumcat on 06/02/2021 - 10:51

      It is quite strange as the housing market is booming too - I guess due to the record low interest rates. But you'd think if loads of people were buying houses then there would be extra supply for the rental market 🤷‍♀️ Even if everyone who bought a house was previously a renter and they were buying their first house then that wouldn't affect the rental market, one less house in the market but one less renter family too.

  • CyberMurning on 06/02/2021 - 07:53
    +1

    Very bad in Sydney people getting good bargain paying $50 -100 less per week (rent around$700 a week) comparing pre covid.
    Also getting 1 week free for bonus

  • scotty on 06/02/2021 - 08:00
    +2

    I'm in Sydney and I live in a suburb near a major university that heavily relies on overseas students. The rental market here has plummeted by at least $100/week (for a 2 bedder) comparing to this time last year.

    • Willco88 on 07/02/2021 - 03:13

      Yes because 99% of the market is overseas Students in Sydney

  • ilikeradiohead on 06/02/2021 - 08:43

    This happened in Perth a few years back. Demand for rental properties fluctuates more than supply does, so you have more variability in prices (up and down). When it happened in Perth I got a place for $500/w, a year later we negotiated down to $450 because the crazy low vacancy rate had crept up and it was more of a 'renter's market'.

  • 2jzzzz on 06/02/2021 - 09:36

    Same in Cairns FNQ. Something that was $370 last year is now $450-$500 and 40 applicants.

  • Cheaplikethebird on 06/02/2021 - 10:44
    +1

    Can think of a couple reasons…

    • Are you in a picturesque area? Lots of remote workers chasing a temporary change of scenery at the moment.
    • A lot of the transplants moving back to SA, WA, QLD from Melbourne because work dried up over COVID.
    • If you’re looking at houses I imagine there’s a lot of unit dwellers looking to move out into a house now that we’re spending the majority of our lives at home.

    Interesting to hear though, I’m in South Yarra, VIC and was hopefully planning on trying for a rent reduction.

  • Meho2026 on 06/02/2021 - 11:10
    -1

    Thats very odd, who would want to live in Adelaide

    • Hardlyworkin on 06/02/2021 - 12:10
      +3

      Someone like me who wants to live in a small city that's close to the beach and has homes with great character that are half the price of Sydney or Melbourne

      • CyberMurning on 06/02/2021 - 12:39

        And you hardly working too! What a dream….

  • Willco88 on 07/02/2021 - 03:12

    Finally got a home, had to offer $20 PW over the listing and 2 months rent upfront 😃

  • Jabba the Hutt on 07/02/2021 - 10:38

    Happening in many regional areas - maybe Adelaide has become part of the trend as a smaller, quieter city.

    https://www.abc.net.au/news/2021-02-02/abs-data-confirms-cit…

    I'm just outside Sydney in what would've previously been considered an "affordable" area, and the number of rentals listed is about a third of what it was pre-pandemic (vacancy rate stats show an even more severe tightening).

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