Rent.com.au Monthly Market Report for February 2022

Report Highlights

• In February, the most significant changes to rental property availability month-on-month were seen in the ACT, down 25.9 per cent, SA, down 17.4 per cent and QLD, down 14 per cent.
• Median apartment rents were up by 2.3 per cent across the country, now $450 a week.
• Considering the month-on-month change, the number of advertised properties across Australia in February 2022 dropped by 11.2 per cent.

Days on Market

Rent.com.au’s average time on market measure is designed to explain the movement in median rents across Australia. The month-on-month change to property leasing was most noticeable in Hobart, where apartments moved 40% per cent slower than in January – now averaging 17 days to lease.

In February, apartments were picking up pace in Sydney, shifting 34 per cent faster than in January – now 21 days. Over in Adelaide, houses moved quickest of all property types, taking just 13 days on average to rent (16 per cent faster, month-on-month).

Perth Market

Rent.com.au’s February data found that capital city apartment rents have soared by 2.3% over the past month. The Western Australian capital has seen the weekly rent for apartments rise to $410 per week (up 2.5 per cent from January), overtaking Melbourne, which has an average weekly rent of $395, Rent.com.au’s data found. On average, renters must shell out $450 a week around Australia to rent an apartment; for houses, the average is $500. House rents jumped in Perth, Hobart, Canberra, and Darwin too.

SOURCE: www.rent.com.au