Canberra's rental market remains the most expensive capital for renters, according to Domain's latest report.
Rents during the first quarter of the year increased 3.4% to $ 600 for homes and 4.2% to $ 500 for units.
These increases pushed the price gap further out of Sydney, with unit rents in Canberra now being $ 30 higher than in Harbor City. Additionally, house rents in Canberra are $ 50 more expensive than the more expensive neighboring cities, Sydney and Darwin.
"Tenants have been operating in a landlord market for some time, and landlords have probably grown used to the fierce competition for a lease," said Nicola Powell, senior research analyst at Domain.
Rent increases could be attributed to difficult conditions in the rental market in Canberra. In fact, vacancy rates in the city fell further in March to 0.7%, reaching levels similar to 2018 conditions.
"Tenants will find the task of securing a lease more difficult as the estimated number of vacant rentals continues to decline, 14% less than last year," said Powell. "This is a time when Australian expats are returning, temporary overseas workers are extending their stays and the city is better placed economically, supported by the public sector and industries dependent on public spending."
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