Rocketing rents spell more bad news for tenants

Of note, Brisbane rents flat and vacancies on the rise.

Rocketing rents spell more bad news for tenants

House rents increase in most capitals

House rents are on the rise again with sharp increases reported over the December quarter spelling more bad news for tenants already struggling to secure affordable accommodation in tight rental markets.

Most capital cities recorded increases in house rents over the quarter with Hobart reporting the highest growth rate of 7.6 per cent to a new record high of $355 per week. Canberra houses rents also surged over the December quarter rising by 5.3 per cent to $500 week – an annual increase of 7.5 per cent and the highest result of all the capitals.

No relief also for Sydney, Melbourne and Adelaide tenants with house rents up by 1.9 per cent, 2.5 per cent and 2.9 per cent respectively over the December quarter.

 

YOY figures aren't exactly rocketing? Sydney up 1.9% and Melbourne 2.5%

 

Agree with @radson - those numbers are just barely inline with inflation. Admittedly, maybe in a general economic "stagflation" environment, some inflationary rental increases of around 2% could be viewed as more significant/positive?