Revealed: The QLD suburbs where it’s almost impossible to find a rental

The number of properties available to rent in Brisbane has more than halved since the start of the pandemic as the rental crisis worsens, new figures reveal.

PropTrack’s Rental Vacancy Rate report for February, released today, reveals the city’s vacancy rate is now the lowest on record at 1.3 per cent — plummeting a whopping 55 per cent since March 2020.

Getting a rental on Brisbane’s northside is almost impossible, with the suburbs of Strathpine, Nundah, and Sandgate recording the tightest markets, all with vacancy rates of less than 0.9 per cent.

Demand for rental properties was strongest in Sunnybank in February, with the vacancy rate shrinking nearly five per cent to 1.8 per cent, followed by Rocklea and Mount Gravatt.

PropTrack senior economist Paul Ryan said house rentals in Brisbane lasted an average 14 days on realestate.com.au, but that number was fewer in certain suburbs like Strathpine where the vacancy rate was 0.75 per cent.

“Anything that comes online rents really quickly,” Mr Ryan said.

He said it came down to a lack of supply and increasing demand from people wanting to live in Brisbane.

“When we talk about a shortage of homes, it’s the rental market that bears the brunt of that,” Mr Ryan said.

“Part of that is people wanting to move to Brisbane and part of it is changes in lifestyle since the pandemic.”

In regional Queensland, the vacancy rate is slightly higher at 1.64 per cent, with the Burnett, Tablelands, and Darling Downs regions the worst for prospective renters. Central Queensland’s Bowen Basin and the Cairns region saw the biggest fall in rental vacancy rates in the regions.

PropTrack director of economic research Cameron Kusher said the lack of supply would only push up rental prices — particularly in Brisbane.

Mr Kusher said rental listings in Brisbane in February were 7.8 per cent lower over the year.

“There remains too much demand for rental properties in Brisbane and insufficient supply,” he said.

“This imbalance is set to persist due to high rates of overseas migration and low levels of new supply.

“It will also be exacerbated by heightened levels of investors exiting the market, relatively few entering the market, and first homebuyer activity remaining low.”

Analysis of building approvals figures by data provider and consultancy SuburbTrends has found Stones Corner, Keperra, and Lutwyche have the lowest supply of rental stock in Brisbane.

The figures show these suburbs have only 1 per cent of housing available to rent and a less than 1 per cent increase in new rental properties hitting the market each year.

“The biggest impact, ultimately, is being felt by tenants because as you can see in many areas, the new supply of rental stock is very limited,” SuburbTrends managing director Kent Lardner said.

The data found the average Brisbane suburb has a rental tenure of 33 per cent, meaning only 1 in 3 newly built properties on average was likely to enter the rental market.