Leasing Statistics | August 2022
August maintained high levels of enquiries and inspection turnouts across the Adam Charles leasing portfolio. Vacancy rates have begun to fluctuate, as influx of international students has reduced, due to having settled into the 2nd semester of tertiary education, decreasing competition for student accommodation. Overall rising cost of living has resulted in continued demand for fully and semi-furnished apartments.
The residential leasing market is remaining incredibly tight, seeing a minor increase in vacancy, with rates across our portfolio this month standing at 2.7%.
Going forward, due to extremely limited supply and surging demand for rental accommodation, we would expect to see increased pressure on asking rents. Across our portfolio, the average rent increase is 28% from leases signed in 2021 to those being signed now.
August Highlights:
- Enquiries serviced = 473
- Open inspections = 82
- Total tenants inspected = 230
- Applications received = 103
- Apartments leased = 22
- Average turnaround time between tenancies = 5 days