## The View From Both Sides of the Lease

Sarah has been renting a two-bedroom unit in West End for three years. When her lease came up for renewal in August, her property manager called with news she'd been dreading: the rent was going up $80 a week. She'd seen it coming — every friend who'd moved recently had paid more. But knowing it's coming doesn't make it easier to absorb.

Two suburbs away in Highgate Hill, her landlord Marcus was doing his own maths. His mortgage repayments had climbed by $340 a month since he bought the place in 2022. The rent increase still left him negatively geared, but less so than before. He wasn't celebrating.

Brisbane's rental market in late 2025 is defined by this kind of tension — genuine pressure on both sides of the lease. Understanding the numbers, the legislation, and the costs involved is the only way to navigate it clearly, whether you own the property or live in it.

## Where Vacancy Rates Actually Sit

Brisbane's overall rental vacancy rate sits at approximately 1.1% as of October 2025, according to SQM Research data. That's tight. A balanced market — one where neither tenants nor landlords hold overwhelming negotiating power — typically sits around 2.5% to 3%.

The inner-ring suburbs tell an even sharper story:

- **Fortitude Valley, New Farm, Teneriffe**: vacancy around 0.8–1.0%
- **West End, South Brisbane, Highgate Hill**: approximately 1.0–1.2%
- **Paddington, Red Hill, Kelvin Grove**: 1.1–1.3%
- **Woolloongabba, Kangaroo Point**: 0.9–1.1%
- **Chermside, Nundah, Lutwyche** (middle ring): 1.3–1.6%
- **Logan corridor, Ipswich fringe**: 1.8–2.2%

The pattern is consistent: the closer to the CBD and the better the public transport access, the tighter the vacancy. The Olympic infrastructure pipeline — Cross River Rail now operational, Athletes Village precincts under development at Woolloongabba and Hamilton — has kept demand elevated in corridors that were already competitive.

New apartment completions have added some supply, particularly in Newstead, Bowen Hills, and the inner south. But the pipeline hasn't been enough to meaningfully shift vacancy rates in established suburbs where land is scarce and new builds are few.

## Median Rents by Suburb: What the Numbers Show

Rent growth has moderated compared to the 20–25% annual surges of 2022–2023, but it hasn't stopped. Brisbane-wide median weekly rents in October 2025:

**Houses:**
- New Farm / Teneriffe: $1,050–$1,200 per week
- Paddington / Bardon: $900–$1,050 per week
- Woolloongabba / Kangaroo Point: $780–$880 per week
- Chermside / Nundah: $650–$730 per week
- Logan Central / Woodridge: $480–$540 per week

**Units and Apartments:**
- New Farm / Fortitude Valley: $650–$780 per week (2BR)
- West End / South Brisbane: $600–$720 per week (2BR)
- Kelvin Grove / Red Hill: $560–$640 per week (2BR)
- Chermside / Nundah: $480–$540 per week (2BR)
- Ipswich / Springfield: $380–$430 per week (2BR)

Annual rent growth across Greater Brisbane is running at roughly 5–7% for houses and 6–8% for units — still above the long-run average of 3–4%, but well below the pandemic-era spikes. The unit market has been particularly active as tenants priced out of houses have shifted down a property type.

## Queensland's Rental Reforms: What Changed and What It Means

Queensland's rental legislation has undergone its most significant overhaul in decades, with changes rolled out across 2023 and 2024 under the Residential Tenancies and Rooming Accommodation Act amendments. By October 2025, landlords and tenants are operating under the full reformed framework. Here's what matters:

### Rent Increase Frequency
Rent can now only be increased **once every 12 months** per tenancy, regardless of whether the tenancy rolls onto a new fixed term. Previously, landlords could increase rent at the start of each new fixed-term agreement, meaning a tenant could face two increases in 12 months if their lease was shorter than a year. That loophole is closed.

### Minimum Housing Standards
All rental properties in Queensland must now meet minimum housing standards. These include:
- Weatherproof and structurally sound premises
- Functioning locks on all external doors and windows
- Adequate ventilation and natural light in bedrooms
- Functional plumbing, hot water, and electrical systems
- Fly screens on openable windows

For landlords, non-compliance creates real liability. Tenants can issue a Form 11 Notice to Remedy Breach, and if the issue isn't resolved within the specified timeframe, they have grounds to apply to QCAT (Queensland Civil and Administrative Tribunal) for orders or to terminate the tenancy without penalty.

### Pets in Rentals
Landlords can no longer unreasonably refuse a tenant's request to keep a pet. Refusal must be based on specific, reasonable grounds — the property genuinely being unsuitable (a small apartment for a large dog, for example), strata by-laws prohibiting pets, or similar. A blanket "no pets" policy is no longer enforceable. Landlords can require a pet bond (capped at the equivalent of one week's rent) and reasonable pet-related conditions in the lease.

### Ending Tenancies
The reforms have tightened the grounds on which a landlord can end a tenancy. Ending a periodic tenancy without grounds — a "no cause" eviction — is no longer permitted in most circumstances. Landlords must have a valid reason: selling the property, the owner moving in, significant renovations requiring vacant possession, or repeated breaches by the tenant. This represents a meaningful shift in the power balance for long-term renters.

### Rental Applications and Privacy
Landlords and property managers are now restricted in what information they can request from prospective tenants. Requesting rental ledgers older than two years, requiring prospective tenants to submit payslips for amounts disproportionate to the rent, or demanding excessive personal information is no longer permissible. This is partly a response to concerns about discriminatory screening practices.

## What Property Management Actually Costs

For landlords managing Brisbane investment properties, understanding the full cost stack is essential before calculating returns.

A typical full-service property management arrangement in Brisbane in 2025 looks like this:

- **Management fee**: 8–10% of weekly rent (some inner-city agencies charge up to 11%)
- **Letting fee**: 1–2 weeks rent per new tenancy
- **Lease renewal fee**: 0.5–1 week's rent
- **Routine inspection fee**: $55–$90 per inspection (typically 4 per year)
- **Maintenance coordination fee**: 5–10% of any maintenance invoice arranged through the property manager
- **EOFY statement / admin fee**: $50–$150 per year

On a property renting at $700 per week, annual management costs (excluding maintenance) typically run $3,500–$4,500. That's before you account for insurance (landlord's insurance: $1,200–$1,800 per year for a house), council rates ($1,800–$2,800 per year depending on suburb and property type), water charges (landlords pay for water supply and infrastructure; tenants pay for consumption if the property has individual water meters), and body corporate fees for units (which can range from $4,000 to $20,000+ per year in larger complexes).

Landlords who self-manage save the management fee but take on the compliance burden directly — including staying current with the reformed legislation, handling maintenance calls, and managing any QCAT proceedings if disputes arise.

## How to Calculate Net Rental Yield

Gross yield is the figure most often quoted — and it's almost meaningless on its own. Net yield is what actually matters.

**Gross yield formula:**
(Annual rent ÷ Property value) × 100

A property worth $850,000 renting at $700 per week:
$700 × 52 = $36,400 annual rent
$36,400 ÷ $850,000 × 100 = **4.28% gross yield**

**Net yield formula:**
((Annual rent − Annual costs) ÷ Property value) × 100

Using the same property, with annual costs of approximately $14,500 (management $4,000, insurance $1,500, rates $2,200, water supply $900, maintenance average $3,500, letting/renewal fees $2,400):

$36,400 − $14,500 = $21,900 net income
$21,900 ÷ $850,000 × 100 = **2.58% net yield**

That's before mortgage repayments and before accounting for vacancy periods. The gap between gross and net yield — in this case nearly 1.7 percentage points — is why relying on advertised gross yield figures when evaluating an investment property gives a distorted picture.

For units with significant body corporate fees, the gap widens further. A Newstead apartment with $12,000 annual body corporate levies can look attractive at 5.2% gross yield and genuinely underwhelming at 2.9% net.

## The Yield Landscape Across Brisbane

As of October 2025, gross rental yields across Brisbane's inner and middle ring broadly look like this:

- **Houses, inner ring (New Farm, Paddington, Woolloongabba)**: 2.8–3.6% gross
- **Houses, middle ring (Chermside, Nundah, Moorooka)**: 3.8–4.5% gross
- **Units, inner ring (Fortitude Valley, West End, South Brisbane)**: 4.5–5.5% gross
- **Units, middle ring**: 4.8–5.8% gross
- **Houses, Logan / Ipswich corridor**: 5.2–6.5% gross

The inner-ring house yields look modest because prices have grown faster than rents over the past three years. The capital growth story has been strong; the income story less so. Investors chasing yield are increasingly looking at the Logan corridor, Ipswich, and the Moreton Bay region — where yields are higher but capital growth has historically been more subdued.

## Practical Advice for Tenants

If you're renting in Brisbane right now, a few things are worth knowing:

**Document everything.** When you move in, complete the Entry Condition Report meticulously and photograph every mark, stain, and scratch. This is your primary protection at bond return time.

**Know your rights on rent increases.** If your rent is increased, you must receive at least two months' written notice. The increase can only happen once every 12 months. If you believe an increase is excessive, you can apply to QCAT for a rent assessment — though in the current market, most increases would be found reasonable.

**Use the RTA's dispute resolution services first.** The Residential Tenancies Authority (RTA) offers a free dispute resolution service before you escalate to QCAT. Most bond disputes and minor maintenance issues can be resolved here without the cost and time of a tribunal.

**Understand what your landlord must fix and when.** Emergency repairs (burst pipes, no hot water, damaged roof) must be addressed immediately. Non-urgent repairs must be addressed within a reasonable timeframe — generally 5–7 business days for significant issues. If your landlord doesn't respond, document your attempts to contact them and consider your options under the Act.

## Practical Advice for Landlords

**Get across the minimum housing standards.** If your property has older aluminium sliding windows without fly screens, or a bathroom exhaust that stopped working three years ago, these are now compliance issues, not just maintenance items.

**Price your rent at market, not above it.** In a market with 1.1% vacancy, it might feel like you can push above market. But a vacant property for four weeks while you hold out for an extra $30 per week costs you $2,800 in lost rent. Price accurately and select the best tenant.

**Review your landlord's insurance annually.** The reforms have changed the risk profile for landlords — particularly around the restrictions on ending tenancies. Make sure your policy covers loss of rent, malicious damage, and legal costs for QCAT proceedings.

**Keep maintenance records.** Under the reformed framework, documented responsiveness to maintenance requests is important protection if a tenant ever claims the property didn't meet minimum standards.

## The Bigger Picture

Brisbane's rental market in October 2025 is a product of years of under-building relative to population growth, compounded by interstate migration that hasn't fully unwound, and now complicated by legislation that — whatever your view on its merits — changes the economics and risk profile of residential investment.

For tenants, the reforms offer meaningful new protections. For landlords, they require more active compliance management and a more careful approach to property selection and pricing.

The fundamentals — vacancy, rents, yields, costs — are all measurable. The investors and tenants who make good decisions in this market are the ones who work from actual numbers rather than assumptions.

If you want to run the yield calculation on a specific Brisbane property, check suburb-level rental data, or understand what comparable properties are renting for in a target area, PropertyLens's suburb analytics and deep research tools pull together the data you'd otherwise spend hours assembling manually.