2021 November Rental Market Report

How is the cost of renting changing in your city? Rent.com.au has released the latest market data for November 2021, including the shift in median rent, price per room and leasing time.

In summary…?

  • Good news for renters – More rentals land on the market in three key states/territories: Availability improvements seen in the NT (up 34.3 per cent from October 2021), the ACT (up 21.7 per cent) and WA (up 8.6 per cent) in November
  • Despite falls in some areas, median house rents were still up by 1 per cent nationally in November, now $490 per week.
  • Regional rents were up again in November, rising 2.3 per cent month-on-month.

Table 1: Median rent (apartments v houses) and price per room

Metro areaApartments% changeHouses% changePrice per room% change
Source: Rent.com.au 2021
National median$425-1.20%$4901%$2050%

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Price trends (November ’21)

How median rents are changing ?

Sydney and Melbourne’s rental markets are beginning to see some early signs of recovery, as easing restrictions and the spring/summer rental season supported an increase in market activity in November. Melbourne rent prices increased by 1.1 per cent (apartments) over the past month, as the city emerged from a protracted lockdown. Available listings in the Victorian capital were up by 3.6 per cent over October 2021, going some way to slowly improve the 27 per cent year-on-year fall in vacant properties.

Lockdown-ravaged Melbourne is currently Australia’s second most affordable city for renters, with a median apartment rent of $380 per week behind Adelaide, where the median rent in November was $350 per week. As international borders begin to reopen, rents will likely rise across the country and vacancy rates will fall, but it’s unlikely that the rental market will experience a similar boom to the sales market, owing to the glut of apartments in places like Melbourne.

Capital city markets should get a much-needed boost in the coming months. Rental demand for inner-city living will likely increase as the CBDs and inner suburbs see a gradual return of workers and foreign students. However, the timing for overseas migration rates remains uncertain and will be dependent on government policy and the impact of concern around the new Omicron variant of COVID-19.

In November, the median weekly asking price for rents across all capital cities was $425 for apartments and $490 for houses. Sydney holds the title for most expensive houses ($650 per week) but Canberra led the apartment market with apartment median rents now $530 per week. The most affordable metro capital, looking at median rent in November, was Adelaide for apartments ($350 per week) and houses ($430 per week).

Good news for rental seekers in some states in November: The biggest improvements in rental property availability were seen in the Northern Territory (up 34.3 per cent from October 2021), the Australian Capital Territory (up 21.7 per cent) and Western Australia (up 8.6 per cent).

What will a room in a rental cost me? ?

Rent.com.au’s price per room measure offers another way to look at the cost of renting in Australia. Looking at the 12-month change to room prices, both apartments and houses recorded notable room price increases in September, up 6 per cent and 5.3 per cent, respectively.

Room prices were up in all states and territories for houses in November. The most significant cost shifts were found in Canberra (up 14.7 per cent to $215 per week), Perth (up 12.5 per cent to $150 per week) and in Brisbane (up 12.1 per cent to $162 per week).

Australia’s priciest rooms were Sydney apartments at $315 per week and in Canberra houses at $215 per week.

Table 2: 12-month change in price per room (Apartments versus Houses)

Metro areaApartments% change from NOV 2020Houses% change from NOV 2020
Source: Rent.com.au 2021
National median$2656%$1655.30%

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How are the regions faring? ?

Regional rents continue to climb across the country, prompting concern that the regions are now also dealing with rental affordability issues. Median rents escalated again in across the country, rising 2.3 per cent in the month to November 221.

Recent Australian Bureau of Statistics (ABS) data trends indicated clear regional population growth, driven by people leaving the cities for the regions and fewer choosing to move out of the regions to the capitals, especially at the height of the COVID-19 pandemic.

Queensland recorded the most significant change, up 4.6 per cent to $450 per week in November. The Northern Territory remains the least affordable of all states and territories, with the median tipping $490 per week, despite a fall of 5.7 per cent since October.

Table 3: Regional rents in November 2021

State/TerritoryNOV-21% change from OCT 2021
Source: Rent.com.au 2021
National median$4402%

How long are rentals taking to lease?

Rent.com.au’s average time on market measure is designed to explain the movement in median rents across Australia. The month-on-month change to property leasing was most noticeable in Hobart, where apartment rentals moved 26% per cent quicker than in October 2021 – the quickest of all capital cities at just 14 days.

In November, houses also picked up the pace. Half the metro areas took just 15 days on average to lease a house, including Brisbane, Adelaide, Hobart and Canberra. Perth fell narrowly behind to average 16 days.

Melbourne’s inner-city, apartment-heavy market continues to lag behind and the CBD is seeing elevated vacancy rates. Apartments were on the market longer than any other metro area in November, taking an average of 35 days to lease. It’s likely that Melbourne will see an incremental change in reaction to coming out of lockdown.

Table 4: Time on market in November 2021

Metro areaAPARTMENTS (Nov 2021)% change from Oct '21% change from Nov '20HOUSES (Nov 2021)% change from Oct '21% change from Nov '20
Source: Rent.com.au 2021
SYDNEY26 days11% faster14.6% faster20 days2% faster5.2% faster
MELBOURNE35 days1% faster13.1% faster24 days1% faster3.5% faster
BRISBANE20 days5% faster26.4% faster15 days10% faster2.9% slower
PERTH16 days11% faster13.2% faster16 days1% faster0% change
ADELAIDE19 days6% slower8.8% faster15 days1% slower0.4% slower
HOBART14 days26% faster24.1% faster15 days6% slower0.6% slower
DARWIN20 days1% faster10.2% slower17 days17% faster18% slower
CANBERRA16 days20% faster1.8% faster15 days13% faster4.9% faster

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