Rent.com.au Monthly Market Report for March 2021

Report Highlights

• Median rents were consistently up in Perth in March for both apartments (up 3.9% to $395/week) and houses (2.2% to $450/week).
• The Northern Territory, Tasmania and Queensland record the biggest fall in available rental listings month-on-month, as supply struggles to keep pace with rental housing demand.
• Canberra houses recorded the most significant shift in median rent in March, with prices up 6.6% to $560/week.

Days on Market

Rent.com.au’s average time on market measure is designed to provide some context to the movement in median rents across Australia.

We would expect to start to see a slight fall in rental demand by late March through seasonal changes in any given year. But while demand for rental properties remains much higher than last year, any chance of a year-on-year comparison has been affected by the national lockdowns from 12 months ago. The month-on-month change to property leasing time was most noticeable in Perth in March. Both property types came off market quicker last month, with apartments now taking an average of 19 days and houses 16 days to shift. Darwin metro recorded the most significant change of all metro areas, with a 17% slowdown in leasing time for apartments. Year-on-year, the capital to record the most significant change was Melbourne, taking 79% longer (now 39 days) to move an apartment than it did in March 2020.

Perth Market

Rent.com.au’s price per room measure is another way to look at the cost of renting in Australia. Houses saw the most significant shift in room costs annually, with upward movement in all states and territories. Darwin (up 28.6%), Perth (up 16.7%) and Brisbane (up 7.9%) topped the list in March.

The country’s most expensive room prices remain in Canberra for both property types.

SOURCE: www.rent.com.au