Demand for rentals exceeded supply in Adelaide during February

We received 337 applications and leased 47 homes for the month. We welcomed 511 groups through our opens, resulting in a flood of applications for some properties, many of which leased for above asking rent. 

Toop&Toop’s most popular rental locations were Curzon Street, Camden Park, which received more than 140 enquiries and Young Street, Parkside with almost 100 enquiries.  

The average weekly rental amount for newly leased properties was $433 per week. Well maintained, affordable properties that are value for money attracted the most interest.  

The less popular rentals were tired, unrenovated properties and those with no heating or cooling. Apartments and multi-story unit complexes also received less interest than stand-alone units, townhouses and houses.  

CoreLogic’s February report demonstrated Adelaide’s strong performance in the nation’s real estate market.  

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Adelaide’s rental rates grew from 3.7 per cent in January to 4.0 per cent in February, while the gross rental yield increased to 4.4 per cent, highlighting the ongoing stability of the rental property market.  

“We are finding that Landlords are taking advantage of the strong sales market and selling their investment properties. This has resulted in less stock to meet the demand of the rental community,” General Manager of Property Management Jane Looker said.  

“Applications have doubled compared with last year, with the same amount of stock available. This is creating much competition and pricing many tenants out of the market. It is definitely a great time to own an investment property or to be selling." 

“We have tenants contacting us who are living in caravan parks while they try to secure a rental property. The rental climate in Adelaide is unprecedented and shows no sign of slowing.”   

Toop&Toop