There are plenty of reasons to think about purchasing rentals in Adelaide. From the fantastic array of activities on offer throughout the city, to the free-spirited, dynamic community atmosphere, landlords and tenants alike will find an endless list of things to love in the South Australian capital.
If you're a landlord, new research from CoreLogic RP Data should give you yet another incentive to pick the City of Churches. The latest Rental Review for April shows that rent prices in Adelaide have bloomed 1.2 per cent over the past year, putting its rental market ahead of Perth, Darwin and Canberra.
In fact, rents have plummeted 4.2 per cent, 4.7 per cent and 2.6 per cent respectively over the year in these locations. CoreLogic research analyst Cameron Kusher pointed out that these results probably have a lot to do with the large number of new builds coming onto the market, giving tenants more choice about where they want to live.
By comparison, Adelaide's market looks to be performing well for landlords. The city joined Sydney, Melbourne, Brisbane and Hobart in posting rises over the year – especially detached properties. While figures from SQM Research show that rents for both houses and units have increased over the year, houses have been chugging along particularly strongly. Rents for this type of property jumped 2 per cent over the 12 months to May 20, and units saw a 1.2 per cent increase, according to SQM.
Not only are rents increasing, but the vacancy rate in Adelaide has remained encouragingly low. New data from SQM shows that only 1.7 per cent of homes are empty across the city, which is the second lowest rate out of all the capital cities behind Hobart.
Whichever way you look at it, buying a rental property in Adelaide could be a great route to take. Tap into the property management experience of the team at Ray White if you'd like to take advantage of these great conditions.