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While prospective Sydney tenants battle it out in the Harbour City’s notoriously competitive housing market — often paying over and above listed rental prices to secure leases on even rundown properties — those in Brisbane are firmly ensconced in the driver’s seat. Desperate landlords in the Queensland capital are increasingly resorting to desperate measures to secure tenants, as the impacts of the city’s long-predicted apartment oversupply is finally being realised. Cranes crowd the Brisbane skyline last year. Picture: Glenn HuntSource:News Corp Australia Rental vacancy rates in the five kilometre, inner city radius have soared to a record high of 4.4 per cent, as thousands of brand new dwellings have flooded the market in recent years. The surge has not only seen rental prices plummet across the city, but many apartments, particularly older ones, sitting empty for Brisbane East mortgage brokers site here long periods of time. The conditions have, according to the Real Estate Institute of Queensland, provided a boon for renters not seen for more than a decade. With competition to secure tenants rife, most prospective renters are in ideal positions to negotiate lower rents, home improvements or added extras, REIQ chief executive Antonia Mercorella said. “Landlords know they need to be competitive, because renters have a lot more choice and they are negotiating better deals,” she said. Thousands of new apartments have flooded the Brisbane market.Source:Supplied “Prudent landlords are meeting the market. They are offering rent free periods and ingenious, amazing opportunities to tenants. “Because there is so much brand new stock with bells and whistles, like gyms, pools, barbecue spaces, roof top gardens, older and established apartments need to compete.
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