Overview

• National rent prices grew 4.8% in 2024, the slowest annual increase since 2021, but rents remain historically high after years of sharp rises.
• Median-income households are spending 33% of their pre-tax income on rent, the highest level recorded since tracking began in 2006, leading to widespread rental stress.
• Regional areas saw faster rental growth than capital cities in 2024, with rents in regional Australia rising 6.2% compared to 4.3% in urban centers.
• A shift toward larger shared households and increased investor participation helped ease rental price growth, though affordability challenges persist for many renters.
• Housing advocates are calling for rent caps and increased social housing investment, with a proposed target of 25,000 new homes annually to address the national housing shortfall.