• The national median weekly advertised rents rose by 1.6% in the December 2024 quarter, reaching a record high of $620.
• In capital cities, advertised rents also increased by 1.6% to $640 per week, with all markets holding steady, except for Brisbane and the ACT.
• Over the course of 2024, national rents grew by 6.9%, a slowdown from 11.5% in 2023, marking the slowest annual rent growth since the September 2021 quarter.
• Rents in Sydney ($730) and Melbourne ($570) have remained stable for six consecutive months.
• House rents rose by 1.6% in the December 2024 quarter, while unit rents stayed flat. However, units saw slightly stronger growth over the past year, increasing by 7.1%, compared to houses which grew by 5.9%.
• In regional areas, advertised rents held steady at $550 per week in the December 2024 quarter but increased by 10% throughout 2024.

“The rate of rent growth across the nation is slowing, offering some relief to renters. Rent increases are now at their lowest pace since late 2021.
This slowdown follows a rise in available rental properties and is also due to cost-of-living pressures that are limiting renters’ spending power.
In positive news for renters in Sydney and Melbourne— the two largest rental markets— rents have remained unchanged for the past six months.
Brisbane and Canberra were the only two capital cities where rents increased over the last three months, while Adelaide and Perth experienced the highest rent increases over the past year.
January marks the peak period for the rental market, with many tenants actively searching for new homes. We expect rent increases to remain moderate throughout 2025, continuing the trend of slower growth.”