NAB out there with rents commentary

Asking rents higher over the year

In recent weeks there have been media reports of rents surging to record highs everywhere from the UK to New York City, despite many regulatory policies specifically designed to favour tenants.

Australia is about to embark on its own journey in this popular space, following the reform of property taxation and capital gains taxes in the May Federal Budget.

It's still early days, of course, given that there are restrictions on giving tenants notice, and limitations on when and how much rents can be increased by, and so on.

SQM Research released its latest rental market update for the month of July, which showed that asking rents were +7.2 per cent higher than a year earlier.

House rents were +6.8 per cent higher nationally, and unit rents were up by +7.7 per cent over the year to July.

Especially strong double-digit growth was recorded for Brisbane, Darwin, and Hobart.

Rental vacancy rates remained tight at 1.3 per cent nationally, which exceptionally tight rental markets continuing in Darwin, Hobart, Perth, Brisbane, and Adelaide. 

July isn't typically a busy month for the rental market, so it will be interesting to see how this all develops over the coming year. 

National Australia Bank put the cat among the pigeons in its commentary this week in stating that rents could rise by up to 30 per cent over the next couple of years as rentals dry up, though the government has denied this.

In reality, some markets will probably see some very large increases while others may not. 

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