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last mo.

Australian Rental Prices Hit Record Highs as Vacancy Rates Remain Critically Low

Rental growth slows but affordability worsens, with many renters spending over 30% of income on rent ahead of federal election debates on housing reform.

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While price growth has slowed, vacancy rates remain low and many tenants have been priced out of the market.
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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.