- The median weekly cost to rent a home in Australia stood at $427 at the end of March.
- Rents across the nation rose by 0.3% in March, leaving the increase on a year earlier at 2.2%.
- Sydney remains the most expensive capital to rent in while Adelaide is the cheapest.
The cost to rent a home in Australia is increasing, but the pace of growth is still well below the levels seen in the past.
That’s according to CoreLogic’s latest Quarterly Rental Review which found that rents across the nation rose by 0.3% in March, leaving the increase on a year earlier at 2.2%.
“The data suggests that in most capital cities the rental market has softened, although values are still rising they are doing so at a slower rate than they have over recent first quarters of the year,” said Cameron Kusher, Research Analyst at CoreLogic.
Over the March quarter, traditionally a period when rental rates increase the most, CoreLogic found that the median cost rose by 1.1%, down from 1.5% in the same period a year earlier.
“Over the first quarter, rents climbed in all capital cities except for Darwin where they fell by 0.3%,” said Kusher.
“The highest quarterly rental increases were in Hobart at 5.0%, which also reported its strongest first quarter growth on record, and Canberra at 2.3%.”
This table from CoreLogic shows not only the quarterly change in rental rates by region, but also movements over the past year, gross rental yields for investors along with the median rental rate.
According to CoreLogic, the national median rent stood at $427 as at the end of March. Interestingly, rents for units are higher than for houses, sitting at $430 and $426 respectively.
Those results were reversed in the capitals where the median weekly rent for a house rose to $460, above the $453 cost for units.
Across regional markets, rents for both houses and units averaged $355 per week.
For those looking for more granular detail on recent rental trends, the tables below show a variety of information for both houses and units in capital city and regional areas.