Rent.com.au Monthly Market Report for September 2023

Report Highlights

• National median rent remained unchanged at $590 per week for apartments and increased by 2.4% to $615 per week for houses.
• Melbourne and Adelaide saw the biggest increases in median rent for apartments, with Melbourne up 2% and Adelaide up 2.3% month-on-month.
• Darwin recorded the biggest decrease in median rent for apartments and houses, with apartments down 5% and houses down 3.8% month-on-month.
• Canberra also saw decreases for median rent for both apartments and houses, with apartments down 5% and houses down 6.7% month-on-month.
• Overall, the Australian rental market remains very tight, with demand for rental accommodation outstripping supply.

Days on Market

The latest data shows that the Australian rental market remains very tight, with demand for accommodation outstripping supply, leading to a shorter time on the market for both apartments and houses in many state and territory capitals.

Sydney apartments leased 6% faster in September 2023 than in August 2023 and 3% faster than in September 2022. Perth apartments leased 12% faster in September 2023 than in September 2022, and Melbourne houses leased 13% faster in September 2023 than in September 2022.

These highlights indicate that Sydney, Perth, Adelaide, and Melbourne have particularly tight rental markets. Tenants in these cities may need to commence their search early and be prepared to act swiftly when they find a property they like.

Perth Market

Australia’s national median rent remained relatively stable in September, with some variation across the country. The overall rental market remained very tight, with demand outstripping supply. The most significant month-on-month change (positive) was in Perth, WA, where the median rent for apartments increased by 5.5% to $550 per week. Conversely, the most significant month-on-month change (negative) was seen in Darwin, NT, where median rent for apartments decreased by 8.8%.

Sydney apartments leased 6% faster in September 2023 than in August 2023 and 3% faster than in September 2022. Perth apartments leased 12% faster in September 2023 than in September 2022, and Melbourne houses leased 13% faster in September 2023 than in September 2022.

These highlights indicate that Sydney, Perth, Adelaide, and Melbourne have particularly tight rental markets. Tenants in these cities may need to commence their search early and be prepared to act swiftly when they find a property they like.

SOURCE: www.rent.com.au