Rents are much higher than pre-COVID, but there are signs renters are reaching a limit of how much they can afford to pay.
Rents across the country have flat-lined over the past two months, new figures show, which could be an early indication that the rental crisis is easing.
Sydney rents inched 0.3 per cent lower in the three months to August, while Melbourne rose just 0.8 per cent, its weakest August quarter in four years. Brisbane and Perth also had their weakest growth over the same period for four years. “The slowdown we’re seeing in rental growth is evident pretty much everywhere,” he said. “This is a broad-based phenomenon, but the slowdown seems to be more apparent in the large cities, Sydney, Melbourne and Brisbane, in the unit sector.”Lawless said rents for detached houses in city fringe areas were still growing strongly.
“There will be more choices available in a number of areas, not everywhere,” he said. “We’re noticing a pick-up in vacancies in areas around universities. It indicates Labor’s approach of trying to cut international students is working.”Falling demand was contributing to rents easing, both economists said, but tenants were stretched in the cost-of-living crisis and had reached a limit of what they could afford to pay, Lawless said.
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