Stay ahead of the game with Rent.com.au’s June 2024 Rental Market Snapshot Report. Get the latest scoop on leasing trends, rental prices, affordability and market news across Australia’s metro and regional areas.

Rental market summary

  • Overall findings: Rental availability in June 2024 was similar to the previous month, albeit still near record lows. There has been increases in asking rents as limited housing supply and cost of living pressures continue. However, median time on market continues to ease slightly which may help somewhat with finding and securing a rental.

    While the Reserve Bank has held the cash rate at 4.35% since November 2023, ongoing high inflation and housing demand is continuing upward pressure on asking rents, and affordability remains a critical issue. Research completed for Mozo’s Rent Affordability Report, released in June 2024, uncovered that almost half of renters spend more than 30% of their income on rent. An alarming 11% of renters said that rent accounted for more than 60% of their income.

    Despite the 2024-25 Federal Budget including initiatives to tackle housing and cost of living, many believe the relief for renters will likely be very limited or ineffective.
  • Rental availability: While the national rental vacancy rate continue at close to all-time lows, the number of rental properties listing volumes nationally in June 2024 remained unchanged from the previous month. However, the Northern Territory has been seeing fewer properties available each month this year. While the preceding months in 2024 showed a slight easing trend with more property listings, this seems to have tapered off this month.
  • Median rent: The national median weekly rent saw a second consecutive $10 monthly increase to $620 per week in June 2024. While the median rent for houses nationally remained at $620, the median apartment rent increased for the first time this year, up $10 to $610. The median for apartments achieved significantly higher annual growth than houses, 13.4% nationally compared to 3.3% for houses.
  • Median price per room: The national price per room median increased $5 to $245 in June 2024, as the median price per room rose $5 to $365 for apartments and was up $2 to $199 for houses. Both apartments and houses have achieved a similar median price per room annual growth of around 4.5%.
  • Median regional rent: The national weekly rent in the regions continues from the previous month at $550 per week. The median rent in Queensland, continuing as the most expensive regional median, recorded a fourth consecutive $10 monthly increase to $620 in June 2024. Most states and territories have seen an annual increase in median regional rents of between 2.6% to 15.5%, with the national regional median achieving 10% growth (+$50 to $550).
  • Median time on market: Over June 2024, the national median for median time on market for rental properties increased by one day to 19 days, continuing a slight lengthening trend this year.

Keep scrolling to view more detailed data and analysis, or you can download the Rent.com.au Rental Market Snapshot – June 2024 full report.

Vacancy availability rate changes

The total number of rental property listings nationally over the month of June 2024 remained stable from the previous month. The market may be stabilising from an easing trend seen since the beginning of the year.

Most states and territories saw relatively little change in listing volumes this month. The Australian Capital Territory recorded a 9.7% increase in the number of rentals advertised. The Northern Territory continues its tightening trend this year, falling 8.1% in June.

PRICE TRENDS 📈

The national median weekly rent saw a second consecutive $10 monthly increase to $620 per week in June 2024. While the median rent for houses nationally remained at $620, the median apartment rent increased for the first time this year, up $10 to $610.

Median apartment pricing in Brisbane ($600), Darwin ($530) and Perth ($600) remained stable since the previous month, but there was a $10 rise in Hobart ($460) and Melbourne ($570), and a $5 rise in Adelaide ($485). Canberra saw a $20 fall to $570, and Sydney a $10 fall to $710.

The median for apartments achieved significantly higher annual growth than houses, 13.4% nationally (+$72 to $610) with between 8.2% to 20.0% in all states and territories. The largest annual growths were recorded in Perth (+$20.0%; +$100 to $600), Melbourne (+14.0%; +$70 to $570), Adelaide (+12.8%; +$55 to $485) and Hobart (+11.9%; +$49 to $460).

Houses in Canberra ($700) and Perth ($660) recorded a $10 monthly increase to median rent in June 2024, Brisbane ($640) saw a $10 reduction. The Adelaide ($600) and Hobart ($550) house median rose $5, and fell $5 in Sydney ($870).

Compared to the same time last year, rental houses in most states and territories achieved between 3.2% to 15.4% in annual growth, with a national median growth of 3.3% (+$20 to $620). The largest annual increases were in Melbourne (+15.4%; +70 to $600), Perth (+11.9%; +$70 to $660) and Adelaide (+11.1%; +$60 to $600). There was an annual median price decrease in Darwin (-2.3%; -$15 to $650) and Hobart (-13.0%; -$82 to $550).

Table 1: Median rent (apartments v houses) and price per room | June 2024

Metro areaAPARTMENTSMonthly changeHOUSESMonthly changePRICE PER ROOMMonthly change
Sydney, NSW$710-1.4%$870-0.6%$388-
Melbourne, VIC$5701.8%$600-$2852.9%
Brisbane, QLD$600-$640-1.5%$2270.7%
Perth, WA$600-$6601.5%$217-1.5%
Adelaide, SA$4851.0%$6000.8%$207-0.4%
Hobart, TAS$4602.2%$5500.9%$2070.8%
Darwin, NT$530-$650-$220-1.1%
Canberra, ACT$570-3.4%$7001.5%$3301.9%
National median$6101.7%$620-$2452.1%
Source: 2024 Rent.com.au property listing data

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WHAT WILL A ROOM IN A RENTAL COST ME? 💰

The national price per room median increased $5 to $245 in June 2024, as the median price per room rose $5 to $365 for apartments and was up $2 to $199 for houses. Both apartments and houses have achieved a similar median price per room annual growth of around 4.5%.

The largest monthly change in price per room for apartments was recorded in Canberra (+$25 to $375), while price corrections took place in Darwin (-$7 to $260) and Perth (-$13 to $350).

The price per room for houses has seen minimal variances to a few dollars from the previous month, with the largest changes in Melbourne (+$7 to $207) and Perth (-$5 to $200).

Table 2: Price per room (apartments v houses) | June 2024

Metro areaAPARTMENTSAnnual changeHOUSESAnnual change
Sydney, NSW$4338.6%$28312.0%
Melbourne, VIC$3508.7%$20721.6%
Brisbane, QLD$35014.0%$1997.6%
Perth, WA$35027.3%$20014.3%
Adelaide, SA$26015.6%$19713.7%
Hobart, TAS$25028.2%$1936.8%
Darwin, NT$2607.4%$2009.3%
Canberra, ACT$375-12.8%$23712.2%
National median$3654.3%$1994.7%
Source: 2024 Rent.com.au property listing data

HOW ARE THE REGIONS FARING? 🌳

The national weekly rent in the regions continues from the previous month at $550 per week. The median rent in Queensland, continuing as the most expensive regional median, recorded a fourth consecutive $10 monthly increase to $620 in June 2024. The regional median the Northern Territory fell $25 from May 2024 to $450.

All states and territories, apart from the Northern Territory and Tasmania, have seen an annual increase in median regional rents of between 2.6% to 15.5%, with the national regional median achieving 10% growth (+$50 to $550). The largest annual growth was recorded in Queensland (+$70 to $620) and Victoria (+$65 to $485).

Table 3: Median regional rents | June 2024

State/TerritoryMedian rentAnnual change
New South Wales$5505.8%
Victoria$48515.5%
Queensland$62012.7%
Western Australia$5807.4%
South Australia$4002.6%
Tasmania$425-1.2%
Northern Territory$450-9.5%
Aus. Capital Territory$600N/A
National median$55010.0%
Source: 2024 Rent.com.au property listing data

HOW LONG ARE RENTALS TAKING TO LEASE? ⌛

Over June 2024, the national median for median time on market for rental properties increased by one day to 19 days, continuing a slight lengthening trend this year.

The median listing times in Adelaide, Brisbane, Canberra and Darwin remained unchanged from the previous month. Properties in Hobart, Melbourne, Perth and Sydney were available one to two days longer than the previous month. Properties are being snapped up fastest in Brisbane and Perth at a median of 16 days.

Apartment median listing times were stable in Brisbane and Perth. Apartments in Adelaide, Canberra and Hobart recorded a one-day variance, while in Melbourne and Sydney they were available for three days longer. Darwin apartment listing times saw a reduction of three days on market. Overall, there has been a slight easing in listing times compared to June 2023.

In most states and territories, the listing duration in June 2024 saw a general lengthening of generally one to two days. Compared to the same time last year, the median days on market saw a variance of only one day, apart from in Darwin where properties were being leased eight days faster.

Table 4: Median time on market | June 2024

Metro areaAPARTMENTSMonthly changeAnnual changeHOUSESMonthly changeAnnual change
Sydney, NSW19 days18.8%-20 days5.3%-4.8%
Melbourne, VIC20 days17.7%11.1%20 days5.3%-4.8%
Brisbane, QLD15 days-15.4%17 days--5.6%
Perth, WA15 days-7.1%17 days13.3%6.3%
Adelaide, SA15 days-6.3%-20 days8.3%8.3%
Hobart, TAS16 days3.3%-8.8%24 days4.4%-4.0%
Darwin, NT17 days-15.0%-5.6%23 days9.5%27.8%
Canberra, ACT28 days3.7%16.7%25 days-10.7%-10.7%
Source: 2024 Rent.com.au property listing data

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