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While renters preferred bigger homes during the pandemic, there's been a marked shift towards smaller properties since the pandemic ended, according to PropTrack data.
In November 2020, houses rented faster than units; but in January 2024, the opposite was true. Compared to November 2020, houses are now renting 9% faster, but units are renting 36% faster.
Economic analyst Megan Lieu said living close to the CBD has regained importance since workers started returning to the office.
βUnits not only tend to be located closer to public transport and in inner-city areas, but are also cheaper to rent compared to houses in similar areas. For these reasons, it is unsurprising that units, particularly those in inner-city areas, are growing in popularity among renters,β she said.
βAnother drawcard for units is a higher proportion of vacancies. The vacancy rate for houses is 0.9%, whereas 1.6% of units are currently available for rent. This means that renters have less competition and more options if they choose to rent units over houses.β
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