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Vacancy rates show the percentage of rental properties that are not occupied by tenants. For example, it might be said that a suburb has a vacancy rate of 5%, meaning 5% of available rental housing is not occupied.
If you’re looking for an investment property, the local vacancy rate can give you an idea of how easy it would be to rent out your new place. Property professionals often use the word ‘tight’ to describe the rental market. The market is considered ‘tight’ when vacancy rates are low, which generally speaking, means rental accommodation is harder for tenants to attain. A low vacancy rate would be a positive indicator for landlords and prospective investors that the available pool of tenants is likely quite high.
However, it is not just a question of vacancy rates. Prospective landlords need to bear in mind all the factors that influence the desirability of a rental property, such as: the location, the property’s condition, the asking rent vs market average, whether pets are or aren’t allowed, and the length of lease, among others.
Also, note that vacancy rates will rise when lots of new accommodation – such as apartment blocks – become available for rent.
May 2014 figures from the Real Estate Institute of South Australia state the residential vacancy rate for South Australia is currently 3.3%, down from 3.4% at the same time in 2013; and from 3.8% in 2012.
Figures for capital cities released by SQM Research suggests that Adelaide has the tightest market in the nation with 2451 properties vacant in April and a vacancy rate of 1.5%
For more information about rental options, please contact any member of the Professionals Property Management team.