Darwin rental vacancies remain tight
If there's one thing you want as a property owner looking to increase cash flow through tenanted apartments, it's a tight vacancy rate. Less options for unit seekers means greater competition for your property and the chance to increase cash flow through higher rents.
However, vacancy rates experienced a sharp increase in Australia during April, according to SQM Research. Fortunately for apartment owners in Darwin's CBD, the rise was not felt equally across the country.
On a national basis, the number of residential vacancies rose 0.3 percentage points during April, reaching 2.3 per cent. This represents the highest vacancy rate for April SQM Research has ever recorded.
"As we predicted this time last year, rental growth is slowing to the point where we are recording a flat rental market and in some instances significant rental falls as is the case with Perth and Canberra," said SQM Research managing director Louis Christopher in a 19 May media release.
However, when compared to areas like Perth and Canberra, Darwin performed much better, featuring a relatively low vacancy rate of 1.6 per cent. This gives the Northern Territory capital a lower vacancy rate than every other capital city except Adelaide – positive news for those considering rental property in Darwin.