The cost of renting is still higher than a year ago, but the pace of rent price growth is starting to ease, the latest PropTrack data reveals.
National rent prices continued to edge up in the September quarter, but the pace of rental growth is slowing, according to the latest PropTrack Market Insight report.
National median weekly rents hit $610, a quarterly increase of 1.7% in the three months to September.
However, the annual growth of 7% represents the weakest annual rental growth since September 2021.
PropTrack director of economic research Cameron Kusher said a boost in rental stock and rising rents have been affecting demand.
“With more stock available for rent, and the cost of renting rising at a pace above inflation over recent years, the capacity to pay rent is now impacting demand,” Mr Kusher said.
“While the cost of renting remains higher than a year ago, the pace …