The cost to rent soared over the twelve months to June with double digit growth recorded in five out of eight capitals.
The cost to rent increased most dramatically in Perth, where unit rents surged by 25 per cent and house rents by 17 per cent, Australian Property Monitors (APM) Rental Series showed.
Sydney and Melbourne also saw rents for houses rise 15 and 17 per cent respectively.
Rental yields remained best in Darwin and Canberra where rents are high compared to property values.
Michael McNamara, APM general manager, said high mortgage rates were the obvious catalyst for the rent rises.
“On one hand landlords are trying to offset increased costs and on the other hand high interest rates deter renters from making the shift into home ownership,” he said.
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