Overview

• Rental prices in all Australian capital cities remain at record highs, with Sydney leading at $775 per week for houses and $725 for units.
• National vacancy rates have slightly improved to 0.8%, but remain far below the 3% needed for a balanced market, with Perth facing the tightest conditions at 0.4%.
• Unit rents are rising faster than house rents in cities like Sydney, Melbourne, Brisbane, Canberra, and Hobart, driven by affordability constraints.
• Low-income renters are disproportionately affected, with many spending over 30% of their income on rent, contributing to widespread financial stress.
• The rental crisis is shaping political discourse, with housing affordability emerging as a key issue in the upcoming 2025 federal election.