Demand for rentals continued to exceed supply in Adelaide during March

Stock remained low and demand high for rental properties during March, with many properties receiving a multitude of enquiries.  

We received 250 applications and leased 36 homes. We welcomed 320 groups through our open homes, many of which leased after one open for above asking rent. 

Toop&Toop’s most popular rental locations were Esplanade, Brighton, which received 214 enquiries and Caroline Street, Glenelg North with 140 enquiries.  

The average weekly rental amount for newly leased properties was $443 per week. Well maintained and renovated units in the suburbs proved to be extremely popular during March. 

CoreLogic’s March report proved Adelaide’s robust performance in the nation’s real estate market.  

  • Adelaide dwelling values increased 1.5% in March 

  • Dwelling values rose 3.2% in the quarter 

  • Adelaide dwelling values were up by 8.6% in the past year 

  • Adelaide dwelling values are currently at a record high. 

Adelaide’s rental rates grew from 4.0 per cent in February to 4.9 per cent in March, while the gross rental yield decreased slightly to 4.3 per cent. 

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Adelaide’s rental rates grew from 4.0 per cent in February to 4.9 per cent in March, while the gross rental yield decreased slightly to 4.3 per cent. 

“In answer to the question of what the easiest area is to secure a rental in Adelaide right now, it’s definitely the CBD. It has the highest number of available rental listings. The lack of international students has created an oversupply of properties, especially apartments in the city” General Manager of Property Management Jane Looker said. 

“With tech giants Google and Amazon moving into Lot 14, we are hoping Adelaide will start to and attract more professionals. Where Adelaide used to be a jumping point to the Eastern states, the investment in technology, defence and medicine here will hopefully see a gradual reversal of that trend.” 

“This is good news for Adelaide developers and landlords and especially those who hold city apartments.”   

Toop&Toop