- Rents are on the rise nationwide, according to the Rent.com.au’s rental market snapshot
- National median rent values are rising most in Sydney, Perth and Hobart
- Regional Northern Territory was the least affordable for the average renter
Rents are on the rise nationwide, according to Rent.com.au’s rental market snapshot for February 2021.
National median rent values are rising most in Sydney, Perth and Hobart. Meanwhile, away from the capital cities, regional Northern Territory was the least affordable for the average renter.
The Top End has also seen its vacancy rate plummet 56% over the past six months, as supply cannot keep pace with the demand for rental houses.
Darwin apartments recorded the largest falls in rents with the apartment median dropping 8% to $370 a week, and houses down 3.5% to $550. Everywhere else, except for Melbourne housing, rental prices rose or stayed the same.
Median rent (apartments v houses) and price per room
CEO of Rent.com.au, Greg Bader, suggested that a change in living preferences and demand for more space due to COVID-19 could be partially responsible for the demand for houses.
“While investor demand has gravitated towards houses in some areas, people’s lifestyle preferences have started to shift. For some of the key capitals where demand and supply remain imbalanced, it’s possible that apartments will continue to underperform compared to houses.”
Greg Bader, CEO, Rent.com.au
“In Darwin, Perth, Adelaide and Brisbane, it has been well reported that some tenants have felt compelled to offer more than the asking rental price to secure new housing. The pressure on the rental market and the competitive nature of that market has meant many tenants have struggled to find long-term accommodation.”
With eviction and rent moratoriums set to end this month, the coming weeks could be pivotal for many tenants around the country, especially in NSW, Victoria, WA and South Australia.
When you look at the rental price per room, Rent.com.au’s data highlights some big moves, especially in Perth (up 14.6% over the past year), Darwin (+12.1%) and Hobart (+11.1%).
Out in the regions, the situation is patchy with rents rising 7.5% in NT and 5.9% in Tasmania, but falling 6.7% in country SA.
As for time on the market, Rent.com.au data shows that Sydney apartments are being snapped up in 27 days, 29% faster than the same time last year. In Canberra, apartments are gone within 17 days, and 18 days in Darwin and Hobart.
Across the nation, houses usually rent out in two to three weeks. In Brisbane, the average vacancy time is only 15 days per listing (quickest) whereas in Melbourne a house rents out in 25 days (the slowest).