Gladstone rental market 'weak' as vacancy rate soars
DEMAND for rental properties in Gladstone has suffered a huge hit, with vacancy rates soaring in the March quarter.
New figures from the Real Estate Institute of Queensland showed 5.9% of rental properties were sitting empty in the region in the first three months of the year.
It's prompted the REIQ to rate the rental market as "weak" and CEO Anton Kardash blamed the shifting work population.
"Mackay and Gladstone both recorded significant increases in vacancy rates at the end of March, due to less demand for rental properties from mining companies - and an element of increases in the supply of rental stock," Mr Kardash said.
About 2.1% of the region's properties were vacant in the three months to December - a year ago, it was a tiny 1.4%.
Meanwhile, demand remained tight for rental homes in Brisbane and several regional centres.
"Toowoomba retained its mantle as one of the tightest rental markets in the state and Bundaberg also recorded constrained rental conditions, due to the floods earlier this year," Mr Kardash said.