Median asking rents rose by double digits in all capital cities over the last 12 months, Australian Property Monitors’ Quarterly Rental Series revealed today.
Melbourne weekly rents grew the most, rising by 17 per cent for houses and 15 per cent for units. Perth wasn’t far behind with house and unit rents rising by 14 per cent.
The cost of renting is also set to increase further – APM has forecasted a rise in rents of 50 per cent over the next four years.
APM attributed the continuing rise in rental yields to critical supply shortages, strong migration patterns and the rising cost of home ownership.
“Given the lag from approval to completion in building construction, the flow-on effects are likely to continue throughout the rest of this decade and beyond,” said Michael McNamara, APM's general manager.
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