New insights into private rental market

New insights into the private Australian rental market have been released for the first time today, measuring from Consumer Price Index data starting from 2018 and including about 600,000 properties, or about 32% of the 2021 Census rentals.

The Australian Bureau of Statistics data shows close to 30% of all households rent their home in the private rental market, and around 2–3% of properties each month have a change in tenant.

It also shows in February the median weekly rent amount was highest in the ACT at $560 per week and lowest in South Australia at $380 per week.

Over the past year, rents have increased for almost three-quarters of properties, up from around one-quarter every year pre-pandemic. It was also highlighted that 120,000 new households were formed as a result of COVID-19.