The Brisbane Times reports today that Brisbane rentals are a tenants’ market:

Tenants may be spared rental hikes this year, despite predictions demand for rental properties would soar in 2010. New figures published by RP Data show average weekly house rent prices in Brisbane did not budge in the June quarter, remaining about $360.  Meanwhile, the median weekly rent price for units fell 1.4 per cent in the same time.

Despite constant media reports about housing supply failing to keep up with demand, it seems that, at least for now, the rental market is reasonably well-supplied in Brisbane. That said, there is evidence of some tightness in inner city Brisbane.  Queensland Treasury’s rental housing vacancy rate brief reports the vacancy rate for inner Brisbane fell from 3.8% in March quarter 2010 to 2.8% in the June quarter, while vacancy rates in the rest of Brisbane increased from 3.7% to 4.9%.

The good news for renters may not last beyond the current financial year, however, as the recent 8.6% drop in building approvals may lead to a slowing in the growth of rental properties supplied, a tightening of the rentals market, and an increase in rents for 2011-12.