Median weekly rents break records, crashing through $600 barrier
Renters in Australia are paying more than ever before, and the prospects of a rapid turnaround in their fortunes appear remote.
So many prospective renters turned up to this advertised home open in Sydney that agents were unable to process them all chose to airdrop videos to those in the queue. (Image source: Kaitlyn Hart, exclusive to API Magazine)
The pace of rental growth may be slowing but for the 31 per cent of Australian households who are renting their homes, the latest national record-breaking statistic will still sting.
The median rent paid across the country has just ticked up to $601, the highest figure ever.
Annual rent increases for the year were up 8.3 per cent, compared to an overall national inflation rate of 4.3 per cent.
CoreLogic’s Rental Market Update, released Tuesday…
