Rents have increased across the country as a result of greater competition for rental properties and a soft homebuyers market, according to a recent rental price index.
Australian Property Monitors’ Rental Price Series Quarterly Report indicated that median weekly asking rents for houses rose by 1.1% in the December quarter, with rents for units rising 1.4%.
Among capital cities, median asking rents for houses saw the greatest increase in Canberra, where the average rental price increased from $470 to $500.
Sydney, Brisbane and Perth also saw modest rises over the quarter, while Adelaide remains the cheapest city to rent a house or unit.
Melbourne was Australia’s most tenant-friendly rental market, with rental prices stable over the quarter.
APM senior economist Andrew Wilson said the nationwide rent increases were largely due to increased competition from homebuyers unable or unwilling to enter the property market.
He added that it is a situation landlords have been quick to take advantage of. “After flat results over the previous two quarters, landlords have capitalised [and] are charging a premium for their properties.”
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