are continuing to battle “extremely tight” competition and high prices in a desperate market, new research has revealed.
At the end of June, the median weekly advertised rent had jumped 11.8 per cent over the year to sit at $520 per week. Over the same 12-month period last year, rents only rose by 8.1 per cent.While rents continue to climb rapidly in the capital cities, renters in regional areas have some relief, as the pace of rental price growth slowed significantly.
“At the same time, the volume of stock available for rent remains low and demand for rentals is broadly strong. As a result of these conditions, the cost of renting continues to rise.”
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