Rents in major capitals continued to rise in January, indicating an improvement in the rental market, according to the latest CoreLogic report.
During the month, the national median rent increased by 0.5%, reaching $ 440 per week. Eliza Owen, head of residential research at CoreLogic, said it was the strongest monthly growth in the National Rent Index since January 2018.
"It is clear that the rental market is starting to grow again as the investment properties from the previous recovery are absorbed and the new levels of development moderate. This means that the tenants can Expect higher rents in most capitals, "said Owen.
Read also: Affordability of rental in NSW, VIC
Rental rates in the combined capitals have been on the rise since September, after the start of the rise in the value of housing in June 2019 and the decline in the construction of new housing.
In the combined capitals, the median weekly rent was $ 467, an increase of 0.5% from the previous month.
The largest monthly increases were recorded in Sydney, Canberra and Hobart, where rents increased 0.7%. By the way, these three cities also reported the highest median weekly rent of the month, at $ 574, 556% and $ 470, respectively.
On an annual basis, weekly rents in Sydney decreased by 0.6%. However, this downward trend already seems to be diminishing.
Hobart, on the other hand, recorded the largest annual rent increase at 5.8%.
"Hobart is in a continuous rental market crisis, with the highest rental growth, a tight vacancy and a growing short-term rental market crowding out long-term tenants," said Owen.
The table below shows the evolution of median rents in capitals:
Top suburbs:
stafford hts
,
Kariong
,
bendigo
,
collingwood
,
north epping
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