Conditions in the Australian rental market have become ideal for many tenants, with the unit segment recording its largest rental decline in 15 years, according to a Domain report.
Unit rents fell 3.2% in the June quarter to $ 447. House rents also fell, albeit at a more controlled rate of 1.2% to $ 446.
"The rental market has become very fragmented in recent months. With weaker housing conditions than houses, tenants are more likely to get cheaper accommodation," said analyst Nicola Powell principal of research at Domain.
The drop in unit rents can be attributed to the sharp drop in Hobart, which recorded an 8.4% drop in rent to $ 380.
Unit rents in Sydney, Melbourne, Brisbane and Canberra also fell, while remaining stable in Adelaide, Perth and Darwin.
Rents for houses in five capitals also fell, with Hobart also posting the largest decline at 4.3%. Sydney, Adelaide and Darwin have maintained rents for their homes for the previous quarter.
"Rental prices have dropped in most major capitals, illustrating that no city was immune to the impact of coronavirus, the Sydney and Hobart recording the strongest quarterly drop ever, "said Powell.
The table below shows the quarterly changes in rents in the two housing segments in capitals:
Top suburbs:
Woolloongabba
,
rockville
,
mt gravatt
,
Willoughby east
,
Harris Park
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