WHY ARE RENTAL MARKETS SO TIGHT RIGHT NOW AND WHAT’S LIKELY TO HAPPEN NEXT?

Whether in Brisbane, Adelaide, Canberra or Sydney, finding a rental property at the moment is a tough prospect for could-be tenants, with intense competition and limited supply driving up prices.

Advertised rents have surged in the past 12 months. Nationally, median advertised rents on realestate.com.au were 9.3% higher in April 2022 than in April 2021. And this quick pace of growth is happening across the country. 

For Brisbane, Adelaide, Canberra, and Hobart, this is a continuation of what was happening during late 2020 and 2021. Since mid-2020, advertised rents have been growing briskly across all these cities, after declining a little at the start of the pandemic in some places.

For Sydney and Melbourne, this rapid growth is a change. Advertised rents fell through much of 2020 and early to mid-2021 in Sydney and Melbourne. The falls were quite substantial in some parts, with advertised rents in the inner-Melbourne area falling as much as a quarter. 

To read the complete article, click here