The August 2024 Rent.com.au snapshot indicates that while the national rental market remains tight, there are signs of easing.
The median weekly rent has held steady at $620 for the third consecutive month, with apartment rents slipping slightly by $10 to $600. House rents have remained stable at $620 per week over the past four months.
Although rental availability is still limited, there has been a slight increase in the number of properties on the market, with listings spending a bit more time before being leased. This suggests that the intense competition for rentals may be easing as renters explore options like purchasing a property or considering shared accommodations.
Regional areas have seen relatively stable rents, with only minor fluctuations. Overall, the rental market shows early signs of stabilization, with vacancy rates improving slightly in several capital cities, hinting that the worst of the rent price hikes may be subsiding, offering some relief to renters across the country.