December Rental Market Update

Gross rent yields continued to trend lower through December, reaching a new record low of 3.22% nationally. Adelaide outperformed the national average with a gross rental yield of 5.4% 

 “There is a lot of movement in the Adelaide rental market currently” General Manager of Property Management, Jane Looker, said. 

“We are hearing from people, especially in the medical field, who are looking to take up overseas contracts for 12 to 24 months and are looking to lease their home to quality tenants. This is good news for renters who are desperate to secure a property in an extremely competitive market, as the top end of the market has been rather limited” 

In December, we received 535 applications with a median rent of $472, and leased 64 properties, including 4 off market.  

Our properties were viewed 58,642 times on realestate.com in December. Properties that attracted the greatest interest were Byrness Avenue, Devon Park with 3795 views, Spruce Avenue, Warradale with 2193 views and Carrondown Walk, Brompton with 1948 views. The median rent for these properties was $501. 

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“Given the Covid situation in Adelaide we have flipped the way we are leasing properties. Tenants are being asked to pre apply for properties and then if short listed, are invited to view the property. Having 40 people turn up to an open inspection simply is not feasible in the current climate. We are very conscious of looking after our renting community.” 

“This allows our team to safely manage applications and provide peace of mind for the outgoing tenant that large numbers of people who they do not know will not be walking through their home.” 

“If the applicant is unsuccessful for that property, their details can be transferred to another TOOP rental. They do not have to keep re applying each time. Tenants can subscribe to receive property alerts from our website, including early release rentals at https://toop.com.au/rental-alert-registration" Ms Looker said. 

“My biggest tip for tenants currently is to ensure their application is completed in full and the financial details for all parties provided. Our team are inundated with applications and simply don’t have time to chase down incomplete forms.”  



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