Renters in most capital cities have seen a rise in their weekly rents in the past year, new Domain data shows.
Nationally, both house and unit markets saw a 20 basis point increase in gross rental yields year-on-year.
Domain research analyst Eliza Owen says most cities’ rental markets have not kept pace with a growing population, resulting in low vacancies and putting upward pressure on asking rents.
The most noticeable uplifts were recorded in Adelaide and Perth. In the past year, the median weekly rent for Adelaide houses is up 2.7%, with a sharper increase for units at 3.3%.
Perth’s rental market had strengthened due to steady population growth and a drop-off in residential construction, Owen says. House rents have increased by 5.7% in the past year, yet Perth remains the most affordable capital in which to rent a house.
Rents fell in Sydney, the only capital city with a vacancy rate above 3%.