National rents remained unchanged last quarter, with the median weekly rent holding steady at $600 per week.
According to PropTrack, while national rents remained unchanged over the past three months, they are still 9.1% – or $50 higher – over the last 12 months.
At the same time, the national rental vacancy rate rose to 1.4% in June 2024, up from 1.1% 12 months ago.
Additionally, capital city rent growth (up 10.3%) outpaced regional markets (up 8%) over the past year, with weekly rents reaching $640 per week in the capital cities and $540 per week in the regions.
Meanwhile, houses currently have a lower vacancy rate (1.1%) compared to units (2.1%).
