Expensive house rents have people chasing smaller homes, with units in one capital city up almost 20 per cent.
Australian rental prices continue to rise, with the cost of smaller homes surging as people increasingly find themselves unable to afford houses. National unit rents grew 13.5 per cent year-on-year in the March quarter, outpacing houses which increased by 9.1 per cent, according to property research firm PropTrack's latest market report. Nationally, the median rent in the March quarter came in at $590 a week, according to PropTrack.
Paul Ryan, a senior economist at PropTrack, said the growth in unit rentals could be due to several factors. "The first being that all of the locations units are in have resumed their appeal since the pandemic, with hospitality opening up and offices back and face-to-face university and things like that," he said. "And the second factor I think that is putting a lot of pressure on unit rents at the moment is the affordability of rentals ...
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