Had another rent increase? Check out the areas nationwide where prices are falling.
Rental prices continue to rise at record levels, but some Australians are feeling a bit of relief as prices drop. New data shows that there are parts of the country where rental prices have fallen as much as 11 per cent in the last 12 months. Despite rental prices going down in some suburbs, nationwide the amount of places affordable to Australians is the worst its been since records began.
Nationally, rental affordability is at its worst level since records began, according to real estate data firm PropTrack's Rental Affordability report. Their index measures the share of advertised rentals that households across different incomes could afford between July and December 2023. Households on the median income of $110,000 per year can only afford 39 per cent of available properties to rent, the latest PropTrack Rental Affordability report found.