Unit rental prices are edging upwards, and are now approaching those for houses in most capital cities.
The Australian Property Monitors Rental Price Series report has found national median asking rents for houses fell 0.2% for the September quarter, while unit rental prices increased 1.1%. APM senior economist Andrew Wilson commented that unit prices had increased faster than detached house rental prices as "discontented first homebuyers" entered the rental market.
"As a consequence, the median weekly asking rentals for units is now fast approaching that of houses in many capital cities, as the overall demand for units for both lifestyle and affordability reasons continues to be greater than the demand for more expensive and generally outer-suburban houses," Wilson said.
Wilson indicated that stable interest rates were expected to increase buyer activity, taking pressure off the rental market.
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