Overview
- New Cotality data for the March quarter shows rents up 2.1%, with households now spending about one‑third of gross median income on rent.
- Vacancy sits near 1.6 per 100 rentals nationally, and levels around 1.5% or lower leave tenants with little leverage and push many to share housing or move further out.
- Rental listings remain scarce, running 18% below the five‑year average, with the deepest gaps in Sydney and Melbourne where stock is 27% and 21% under long‑run levels.
- Perth led quarterly rent growth at 3% and now has a $761 weekly median, second to Sydney’s $824, reflecting some of the tightest rental conditions in the country.
- Analysts warn elevated rents will persist until supply improves, noting construction inputs remain far above pre‑pandemic costs and recent global shocks could lift building costs by up to 10%, putting new projects at risk.