After 12 months of turbocharged rental increases, a new report has warned that millions of tenants across the country will endure even more pain this year.
Latest PropTrack data revealed rents have already “increased significantly” over the first quarter this year, up 2 per cent nationally to a median of $500 per week.
Rental prices have jumped 11 per cent over the past 12 months – the fastest rate of rent growth since well before the pandemic, the report said.
Capital city rents were four per cent steeper in the March quarter compared with the last quarter of 2022, and were 13 per cent higher year-on-year.
Regional rents have increased 2.2 per cent since the final quarter of last year, and are up 4.5 per cent annually.
The report described capital city rents moving up “at an extremely rapid pace”, particularly in Sydney, Brisbane, Adelaide and Perth.
In Perth, rents leapt 9 per cent in the last quarter.
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“With rental market conditions extremely tight, we expect rental prices will continue to climb,” PropTrack analysts wrote.
“This is particularly the case in capital cities, where rent increases have not yet eased since accelerating in early 2022.
“In the regions, rent growth has slowed after significant rent increases throughout the pandemic.”
The March quarter saw rents increase in every market except the ACT and regional South Australia.
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