Everything feels as if it's going up in price and Australian rents are no exception, growing at their fastest pace in seven years.
Median weekly advertised rents increased by 2.2 per cent in the three months to June this year, according to the latest PropTrack quarterly rental report released on Friday.
The result has pushed up the national figure from $430 to $460 - roughly seven per cent - in the past 12 months, the biggest annual rise since 2015.
Regional areas in South Australia (17 per cent), Western Australia (12.8 per cent), Darwin (14.6 per cent) and Adelaide (10.3 per cent) recorded the largest year-on-year rent increases.
Limited supply drove competition, with new listings in June 13.8 per cent lower than the decade average.
"Looking at individual capital city and regional areas clearly highlights the insufficient supply and strong demand in most parts of the country," says the report, which is based on consumer behaviour from realestate.com.au.
Potential renters per rental property on the website jumped 28 per cent in the past year across capital cities, with Sydney and Melbourne experiencing the greatest rises.
The COVID-19 pandemic drove house rents higher as people sought more space, the report says, although they began to "even out" during the past quarter.
Heat is also coming out of the regional rental market after prices soared by 11.4 per cent in the past year, compared with 4.4 per cent in capital cities.
But the nation's rental market remained extremely tight and relief did not appear to be on the cards any time soon, report author and economic researcher Cameron Kusher said.
"With overseas and interstate migration returning with borders now reopened, it seems likely that rental conditions will tighten further over the coming months," he said.
"This is likely to be most evident in Sydney and Melbourne, where rental demand and prices dropped throughout the pandemic but are now rebounding rapidly."
Government first-home buyer incentives might encourage some renters to enter the housing market, easing some supply pressures, Mr Kusher said.
"But it is likely to mostly be offset by the return of arrivals from overseas, most of whom seek rental accommodation on arrival," he said.
In addition, the report notes many landlords will be looking to pass on increased land tax charges and higher interest rates in the new financial year, further increasing rents.
MEDIAN WEEKLY ADVERTISED RENTS BY AREA FROM JUNE 2021 to JUNE 2022:
Australian Associated Press
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