Rents are now 8.5 per cent higher than this time last year, with annual rent growth accelerating in 2024.
"Not only are rents rising quickly, but they're rising at a bit of a faster pace than what we saw towards the end of last year," CoreLogic's head of research Eliza Owen said. Melbourne saw the second highest annual increase of all the state capitals, with rents rising at 9.6 per cent. The highest increases were recorded in Weston Creek , Tuggeranong and North Canberra .Hobart was the only capital city to see an overall decrease in rental prices, with the cost of rentals going down 0.2 per cent annually.
"It's basically this rippling of stronger growth rates out to those more peripheral or affordable areas.""For them, there is no next affordable rental market and that's where I think the rental crisis is most urgent among lower income households."Many short-term factors have led to the current surge in rental prices, Ms Owen said.
Rental Rentals Rental Prices Rental Market Corelogic Housing Housing Market Housing Prices Cost Of Living Migration Immigration Eliza Owens
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