Rent.com.au Monthly Market Report for April 2022

Report Highlights

• Vacancies did a small swing around in April, with the number of available rentals up by 1.1% month-on-month. The biggest increases were recorded in the ACT (12.4%) and TAS (11.4%). Increases were also noted in the NT (up 5.9%), NSW (up 4.5%) and WA (up 2.6%). In April, the remaining states also saw minor improvements, except for VIC, where listings were down by 0.5%. Compared to April 2021, listing availability remains 34% down.
• On average, Australia’s renters are shelling out around $450 a week to rent an apartment; for houses, the average is now $510.

Days on Market

Rent.com.au’s average time on market measure is designed to explain the movement in median rents across
Australia. The 16 days median time to rent a Hobart apartment in April this year was 32% faster than last month – and the most significant change to time on market of all state and territory capitals.

Melbourne apartments stayed on market longest of all property types, averaging 26 days on Rent.com.au before
leasing. Except for Darwin which remained unchanged, all key metro areas recorded a slowdown month on month in April.

Perth Market

Rent.com.au’s price per room measure offers another way to look at the cost of renting in Australia. Looking at the 12-month change in room prices, apartments and houses recorded a small but noticeable shift in room prices, up 3% and 2%, respectively.

Looking at apartments, room prices were up in all states and territories in April 2022, except for Sydney apartments, which fell by 4.2% to $311 a week. The most significant cost shifts were Canberra apartments (up 26.9% to $413 a week), Melbourne apartments (down 4.2% to $311 a week) and Darwin apartments, up 5.5% to $225 a week.

The country’s most expensive rooms could be found in Canberra apartments, with a price per room of $342 a week.

SOURCE: www.rent.com.au