Rental Crisis: Top 20 SA suburbs desperate for more housing

It’s every tenant’s worst nightmare – being on the lookout for a rental home, only to be told there are none listed as vacant.

According to new research commissioned by RentRabbit.com.au, renters across a number of suburbs in SA are going to find it harder to secure a place given a huge drop in number of vacant listings hitting the market.

The quarterly RentRabbit.com.au Rental Crisis Report has named South Australia’s top 20 suburbs where tenants desperately need more rental accommodation to come onto the market.

These suburbs, the report said, have “incredibly low vacancy rates”, “low average weekly household incomes” and are “below-average in terms of socio-economic status”.

The house market of Victor Harbour has topped the list with a low vacancy rate of 0.3 per cent. The median weekly rent here was $450, up by 21.6 per cent since last year, the report noted.

There were more home available to rent last year in Victor Harbour when the vacancy rate was 0.7 per cent.

5 Trowbridge Ave, Mitchell Park has an asking rent of $330 per week. Pic: realestate.com.au.

Renters in Adelaide’s southern suburbs also seem to be facing hardships with the suburbs of Mitchell Park and Park Holme recording extremely low vacancy rates of 0.3 per cent and 0 per cent respectively.

According to the report, rental properties are regarded as ‘officially’ vacant when they’ve been on the market for 21 days or more. When a suburb has a vacancy rate of 0 per cent, it means all rental properties are being filled in less than 21 days of being listed for rent.

Not only were the suburbs on the Top 20 list undersupplied with rental stock, renters have to also shell out more rent than last year, the report noted.

11 Sandalwood Rd, Davoren Park has been listed as vacant with a weekly rent of $440. Pic: realestate.com.au

The places where stock is low and rents have gone up by more than 12 per cent since the past year include the suburbs of Taperoo (12.9 per cent), Croydon Park (13.2 per cent), Gilles Plains (15.4 per cent), Elizabeth North (13.5 per cent), Elizabeth East (14.3 per cent), Davoren Park (17 per cent), and Christies Beach (14.7 per cent).

RentRabbit.com.au co-founder Ben Pretty said the rental crisis in SA “acute” with tenants struggling to find somewhere to live.

“For affluent tenants in more privileged suburbs, they at least have more options in terms of where they can live, especially as many of them are knowledge workers who can work remotely,” Mr Pretty said.

“But for the many tenants who have low household incomes and who live in socio-economically disadvantaged areas, they’re really struggling right now and have very few options,” he said.

SA’s Top 20 suburbs desperate for more rental stock

(Rank, Suburb, Type of property, Median weekly rent, Vacancy rate)

1 Victor Harbor, House, $450, 0.3%

2 Mitchell Park, House, $450, 0.3%

3 Park Holme, House, $480, 0.0%

4 Taperoo, House, $385, 0.8%

5 Oaklands Park, House, $450, 0.3%

6 Seaton, House, $480, 0.2%

7 Findon, House, $460, 0.8%

8 Brooklyn Park, House, $470, 0.5%

9 Croydon Park, House, $430, 0.5%

10 Blair Athol, House, $430, 0.4%

11 Gilles Plains, House, $450, 0.0%

12 Elizabeth North, House, $295, 0.5%

13 Elizabeth East, House, $320, 0.4%

14 Davoren Park, House, $310, 0.2%

15 Christies Beach, House, $390, 0.3%

16 Christies Beach, Units, $390, 0.3%

17 Modbury, House, $435, 0.7%

18 Nuriootpa, House, $440, 0.3%

19 Ingle Farm, House, $400, 0.6%

20 Paradise, House, $445, 0.3%

Source: RentRabbit.com.au

The post Rental Crisis: Top 20 SA suburbs desperate for more housing appeared first on realestate.com.au.

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Rental Crisis: Top 20 SA suburbs desperate for more housing

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