Report shows rent increased by 10% since last year for capital cities

A new report from PropTrack shows renters in capital cities are paying on average 10% more than last year.

Transcript

00:00This data highlights what we know is an ongoing issue between low vacancy rates and high demand

00:07for renters.

00:08So in the last year, rents have risen by over 10% across capital cities in the country,

00:12according to a new report released today by PropTrack.

00:15Now, Perth saw the most significant growth of over 18%, followed by a growth of 11%,

00:20over 11% in Adelaide, and more than 10% in Melbourne.

00:23Now, median rent jumped in Perth to $650 a week, second only to Sydney, which is sitting

00:29at $740 a week.

00:31Now, you might be wondering where the cheapest place that you can rent in a capital city

00:36is, and according to this report, the cheapest median rent is in Hobart at $510 a week.

00:42So if you can handle the weather down there, it has got that cheapest median rent, which

00:46is 1.9% cheaper than it was in the last quarter.

00:49Now, we're still seeing ongoing rent rises in regional areas across the country, seeing

00:54an 8% rise.

00:56The most expensive state when it comes to regional rentals is Queensland, with a median

01:00rental of $620, which is an increase of over 10% in the last 12 months.

01:05Meanwhile, the cheapest place that you can score a regional rental is in South Australia,

01:10which is sitting at a median of $390 a week, but that is still an 8% increase from the

01:15last 12 months.

01:16Now, across the country, the cost of renting a unit have continued to outpace houses, both

01:22in the last quarter and in the last year, with a house only costing $30 more a week

01:27than a unit.

01:28So this data really highlights some of the struggles that renters are continuing to see

01:32across the country.