The rental market is showing signs of easing with more properties becoming available and prices dropping for the first time in four months.
According to Rent.com.au’s latest market snapshot, rental availability improved nationally by 5.4 per cent in October 2024, as almost all states and territories recorded an increase in the number of rental properties listed.
The national median weekly rent fell by $10 to $610, after remaining steady at $620 per week for the previous four months.
The Northern Territory and Victoria led the increase in rental listings, with jumps of 16.6 per cent and 10.8 per cent respectively.
Rent.com.au reported that half of the capital cities maintained stable median rents, while others saw minor fluctuations.
“The rental market landscape remains challenging in terms of supply and the price of renting amid the ongoing cost of living pressures, however, the stabilising in recent months has brought some relief,” Rent.com.au said.
For apartments, the national median remained unchanged at $590 since August 2024, though there were some variations across cities.
Canberra saw an increase of $10 to $560, while Darwin dropped $15 to $535.
House rents have remained stable at a national level, holding at $620 since May 2024.
However, several cities saw increases, including Brisbane ($5 to $635), Canberra ($5 to $715), Hobart ($10 to $550) and Perth ($10 to $660).
In the regions, the national median weekly rent has remained unchanged since May 2024 at $550, though Queensland was the only location to record an increase ($5 to $620).
The time properties spend on the market has remained steady at 19 days nationally, though apartments are generally being leased faster than houses.
“Various state governments have been actively introducing rental reforms to improve renting conditions which will also be welcomed by renters,” Rent.com.au said.
