Source: CoreLogic
More than 40% of Australian house and unit markets record double-digit rent increase.
CoreLogic’s national rental index shows the rate of rental growth has softened slightly, with rents up 0.8% in May compared to the 0.9% and 1% increases in April and March respectively.
CoreLogic Economist Kaytlin Ezzy said the slowdown in the monthly growth rate had contributed to a fall in the annual trend, which dipped below double digits for the first time in 10 months, with rents nationally increasing 9.9% over the 12 months to May. However, she said this was largely being driven by a slowdown in regional markets, where rents increased 0.3% over the month, down from a record monthly growth rate of 1.2% in March 2022. “Regional rental growth has slowed dramatically from a year ago while capital city rents were up 1.0% in May. When you break that figure down further by property type, we can see the unit sector is under the greatest pressure, with rents increasing at a faster rate than houses due to their relative affordability.”
CoreLogic Rental Insights - May 2023
- New rental listings remain -11.0% below the previous five-year average, and total rental listings remain - 33.3% below the long-term average.
- National vacancy rates increased from a record low of 1.1% in April to 1.2% in May.
Key rental and yield statistics - Data to May 2023
| | Houses | Units |
| Median Rent | $636 | $539 |
| Quarterly Change | 1.7% | 3.8% |
| Year-on-year change | 9.4% | 16.4% |
| Current vacancy rate | 1.5% | 0.8% |
| Vacancy rate 12m ago | 1.2% | 1.0% |
