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Rents continued to rise in every capital in the final months of 2023, but economists say some relief could be on the horizon.
There was no Christmas miracle for renters as rent increases continued into the holiday season, ahead of the market's busiest time of year.
The latest PropTrack Market Insight report shows that the average national rent has continued its rapid rise, rising 1.8 percent to $580 per week in the December quarter.
This is an increase of 11.5 percent compared to the previous year, meaning rental prices are $60 per week more expensive than at the start of 2023.
Much to the chagrin of urban renters, prices in the capital were 13.2 per cent higher than the year before, bringing the median to $600 per week, while units in Sydney, Melbourne and Brisbane are rising 15 to 17 per cent.
In the final quarter of 2023, the average asking rent in Sydney increased by 1.4% to $750 per week, as reported by PropTrack.
Meanwhile, the average advertised rental price in Melbourne remained stable at $550 per week. As a result, renting a house in Sydney is now 36% more expensive than in Australia's second largest city.
The Western Australian metropolis fared no better: average rents rose by 20 percent in a year.
Potential tenants wait outside an apartment inspection in Randwick
With the second highest vacancy rate after Adelaide, Perth's average rent is now 66 per cent higher than before the COVID-19 pandemic.
According to PropTrack economist Angus Moore, the situation is unlikely to improve in the short term.
“The rental markets are extremely challenging for tenants, with rents continuing to rise very rapidly in much of the country, amid strong demand and very low vacancy rates,” he said.
“As we head into the typically busiest time of year for the rental markets in January, tenants will unfortunately continue to experience rising rents.”
But Moore says renters may see relief on the horizon, as 2023 data shows rent growth has slowed compared to the year before.
Regional renters have already experienced some reprieve as their rents have remained at $500 per week since June.
But Western Australia and Queensland were home to the highest rents outside the metropolitan areas, averaging $580 per week – up 16.7 per cent and 11.5 per cent on the previous year.