Australian Rents Soar by 44% in Five Years
Rental prices across Australia have surged dramatically, with the latest Quarterly Rental Review from Cotality (formerly CoreLogic) showing a median capital-city rent now exceeding $700 per week. That figure represents a 44% increase over five years and translates to about an extra $204 per week for the typical renter. The trend reflects a tight rental market, limited listings, and a wave of demand from prospective tenants.
Scarce Supply and Intense Competition
Listings for rental properties are scarce, with the national vacancy rate sitting at just 1.47%, roughly one property available for every 68, a level well below pre-pandemic averages. The impact is a cycle of packed inspections and high competition, forcing renters to outbid competitors or accept properties that may not perfectly match their needs. Tenants’ Union of NSW spokesperson Leo Patterson Ross described the inspections as intimidating, especially when multiple groups target the same property.
Practical Effects on Renters
Beyond the stress of securing a home, renters report other consequential effects: repair requests can become a delicate negotiation, as tenants fear that asking for fixes or improvements may trigger rent increases or the loss of a lease. In such a climate, many households delay reporting issues, worried that addressing maintenance could worsen their tenancy prospects while the market remains highly competitive.
Policy Gaps vs. Other Price Protections
Australian jurisdictions have introduced reforms to curb no-cause evictions and to limit rental increases, but the policy framework remains inconsistent. The ACT currently stands out for linking an
