Leasing Statistics & Rental Update – October 2023
With close to zero vacancy throughout October, our leasing volumes reduced accordingly.
The residential leasing market continues to be incredibly tight, with little to no increase in vacancy rates. Ultimately, this is leading to a reduction in choice and a push in competition, allowing for an overall increase in asking rents. Overall vacancy rates across our portfolio stands at less than 0.1% this month.
Moving forward, we do expect some units to return to the market towards end of November due to the departure of international students back overseas over the Christmas break, however we expect these to be quickly absorbed at rates higher than that currently being achieved.
October Highlights:
- Enquiries serviced = 363
- Open inspections = 26
- Total tenants inspected = 141
- Applications received = 68
- Apartments leased = 11