Rents in seasonal lift; household sizes increasing

Rents rise, seasonally

Rents rose +1.7 per cent in the March 2024 quarter to a new high, driven by strong gains in Hobart, Perth, Brisbane, Canberra, and Sydney of the capital cities.

Unit rents (+2.3 per cent) are driving the growth more so than house rents (+1.4 per cent) at the moment. 

Regional rents also rose +2.2 per cent to a new high, and with rents outpacing price growth of late, rental yields have increased over the past three years. 

Although this was a solid seasonal lift, the annual growth in rents has calmed down to +3.8 per cent (well down from +8.3 per cent a year earlier).

Rental vacancy rates also appeared to have steadied at around 1.6 per cent, as the average household size increases, although total rental listings are still more than -20 per cent lower than is normal for this time of year.

Source: CoreLogic

Overall, it seems that - although the housing shortage hasn't gone away - household sizes are increasing as renters 'bunch up' in response the large increase in rents, and this is helping to stabilise the rental market to some degree. 

You can read the full CoreLogic report here.

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