Gold Coast Rental Market – March 2023

The Gold Coast rental market has been a popular topic of discussion in recent times due to its fast-paced growth and the increase in demand for rental properties. The Gold Coast is one of the fastest-growing regions in the country, with a population of over 650,000 people.

The demand for rental properties on the Gold Coast has been driven by a range of factors, including population growth, an increase in the number of students attending local universities, and the region’s popularity as a tourist destination. As a result, the rental market on the Gold Coast has become highly competitive, with tenants often having to compete for available properties.

The average weekly rent for a house on the Gold Coast is currently around $600, while apartments and units can be rented for an average of $450 per week. However, these prices can vary depending on the location, size, and quality of the property. According to recent data from the Real Estate Institute of Queensland (REIQ), the vacancy rate for rental properties on the Gold Coast is currently sitting at around 1.4%. This low vacancy rate has resulted in a highly competitive market, with many tenants struggling to find suitable properties.

Despite the high demand for rental properties, there have been some concerns raised about the affordability of housing on the Gold Coast. The REIQ has reported that rental prices have increased by around 4.4% over the past year.  One factor that has contributed to the increase in rental prices is the limited supply of new housing developments on the Gold Coast. Many property developers have focused on building high-end luxury apartments and townhouses, which has left a gap in the market for more affordable rental properties.

According to The Property Associates Director – Fiona Nichols, The Gold Coast rental market is expected to continue to grow in the coming years, however it is currently changing.

“The fixed-term market is currently seeing a slight softening of conditions. The number of days on market are starting to extend, in small increments, as we progress into the traditionally quieter autumn season,” said Nichols.

“We’re seeing enquiry rates dramatically reduce if we compare them to summer 22/23 and attendance at open homes as a consequence is also reducing. Tenants are starting to feel the change in the market and are now making offers below asking price, a phenomenon that we haven’t seen since pre-covid times”.

Overall, the Gold Coast rental market is a competitive and dynamic market, with tenants needing to act quickly to secure suitable properties. While there are some concerns about affordability, the region’s popularity as a tourist destination and a place to live is likely to continue to drive demand for rental properties.