I would like to provide an update on the rental market’s performance over the past 4 months.

Until late November 2024, the apartment market in the CBD experienced inconsistent activity over the previous six months. Specifically, the supply in the CBD apartment market was around 800 listings, which was a concerningly high number.

However, starting in December, contrary to the historical trend of market slowdowns leading up to Christmas, we observed a significant shift. The market experienced a resurgence, with a dramatic increase in inquiries and viewings. I​f you ask why, my view is this was due to people being more organised and anticipating the market to heat up earlier this year, resulting in less property selection and higher rents.

As of today, March 28, the number of properties in the CBD is now at 612 listings, which is a positive sign. While my ideal target is to reduce the total number to 450-520 listings, 612 is a marked improvement from 800.

This week, there are indications that the market is cooling down. The majority of relocation has already occurred, and most newcomers have secured their properties. It’s anticipated that the supply will likely increase over the next three months as we approach winter. With this increased supply, it’s also likely that rent adjustments might occur at slightly lower than current rates.

For properties becoming vacant in the next 2-5 weeks, our priority is to rent them out as quickly as possible to minimi​se vacancy as we move into April and May.

I will continue to update you on the apartment market’s performance on a quarterly basis.

Rest assured, we are dedicated to ensuring every property has a great tenant at a market rate with minimal or no vacancy.

As always, I​ am only a phone call away if you want to discuss the apartment market in more detail or just have a​ friendly chat.

Yours,

Ali Karambayev, on behalf of our team at OneCiti.