Tuesday, 05 Dec 2023

Rental price growth slows from unprecedented highs as tenants hit affordability ceiling

Rental price growth slows from unprecedented highs as tenants hit affordability ceiling


Rental price growth slows from unprecedented highs as tenants hit affordability ceiling

Twelve months ago, during the height of rental market demand, Carley Eder was issuing lease renewals with price increases of up to $80 a week. Now, her clients will be lucky to have tenants approve $25.

"The market has definitely shifted," the Central Coast rentals principal said.

"Back then there was zero stock, you'd get 12 people through an open house on Saturday and approved on Monday.

Record rental prices are beginning to ease however the market is unlikely to swing in favour of tenants anytime soon, housing experts warn.

National rents experienced the smallest monthly increase in growth this year according to CoreLogic's latest quarterly rental review, up by just 0.6% in September. But it came amid an annual growth trend of 10%.

At the same time, national vacancy rates remained the lowest on record, tightening from 1.3% in June to 1.1% in September.

Research analyst Kaytlin Ezzy said the slowdown in rental growth after "unprecedented highs" may suggest an increasing number of prospective tenants were starting to come up against affordability constraints.

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