Rental crisis deepens as prices surge 6%

Australian rental prices have increased by 6% over the past 12 months, with average weekly rents reaching $700 nationally and $800 in capital cities. Vacancy rates sit at 1.5% across the country, well below the balanced market rate of 3%, creating a supply shortage that continues to squeeze renters. While home prices are cooling and clearance rates have dropped to their lowest levels since COVID, the rental market shows no signs of easing in the short term due to slow investor appetite and high interest rates reducing buyer borrowing capacity.See omnystudio.com/listener for privacy information.