Stay ahead of the game with’s March 2024 rental market report. Get the latest scoop on leasing trends, rental prices, affordability and market news across Australia’s metro and regional areas.


  • National median rent decreased by $20 to $580 per week for apartments and remained at $650 per week for houses.
  • Adelaide, Darwin and Brisbane saw the biggest increases in median rent with Adelaide up 3.64%, Darwin up 1.69% and Brisbane up 1.64% month-on-month.
  • Hobart recorded the biggest decrease in median rent down by 1.92% month-on-month.
  • Overall, the Australian rental market remains very tight, with demand for rental accommodation outstripping supply.

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

Metro areaAPARTMENTSMonthly changeHOUSESMonthly changePRICE PER ROOMMonthly change
Sydney, NSW$7101.43%$8500%$4505.88%
Melbourne, VIC$570-0.87%$5800%$360-0.69%
Brisbane, QLD$6000%$6401.59%$3600%
Perth, WA$6003.45%$6500%$3500%
Adelaide, SA$4600%$5900%$2500%
Hobart, TAS$450-2.17%$5500%$240-3.23%
Darwin, NT$5452.83%$670-1.47%$258-0.77%
Canberra, ACT$5900%$7504.17%$3601.41%
National median$5800.43%$6450.78%$3550.57%
Source: 2024 property listing data

You might also like:
Consumer Price Index: What does it do?

How do I find my driver’s licence and card number?
Rental property viewings: What to look for and the questions to ask


What’s being talked about?

Australia’s national median rent remained relatively stable in March, with some variation across the country. The overall rental market remained tight, with demand outstripping supply. The most significant month-on-month change (positive) was in Canberra, ACT where the median rent increased by 4.17% to $750 per week. Conversely, the most significant month-on-month change (negative) was seen in Darwin, NT, where median rent decreased by 1.47%.

In March, the median rent for houses was $550 per week in Hobart, TAS, the cheapest place to rent a house. The most expensive city to rent a house is Sydney, NSW, where the median rent is $850 per week.

Housing in Australia is a hot topic, with ongoing discussions centred around making it more affordable. The lack of housing supply is a significant concern, as the demand for rental properties is increasing while building approvals and commencements are decreasing. The collapse of construction companies and a shortage of tradies has also contributed to the slow pace of new builds.

Australia’s capital cities are experiencing a solid rebound, with increasing migration, the return of international students, and Australians returning to CBDs.

You might also like:
Property Condition Report: What is it and how does it work?
Renting glossary: The terms you need to know
Why are my rental applications being rejected?


The national median price per room for apartments increased by 18.33% year-on-year to $355, while the national median price per room for houses increased by 5.26% year-on-year to $200.

A tenant in Sydney paying $355 per week for a room in an apartment in March 2023 is now paying $450 per week, an increase of $95 per week. A landlord in Melbourne renting out a sharehouse for $166 per week in March 2023 is now renting it out for $200 per week, an increase of $34 per week. We are seeing these figures creep up month on month across the board!

Rising room prices are making it more difficult for tenants to afford to rent in Australia. It is also putting pressure on landlords, as they face higher borrowing costs and maintaining their rental properties. When you find a property you like, start your house hunt early and act quickly. Be flexible with your budget and location requirements, and consider renting a room to save money.

Metro areaAPARTMENTS% change (annual)HOUSES% change (annual)
Sydney, NSW$25012.5%$27512.24%
Melbourne, VIC$36015.02%$20020.48%
Brisbane, QLD$36020%$1998.74%
Perth, WA$35016.67%$20416.75%
Adelaide, SA$25011.11%20014.29%
Hobart, TAS$240-4.00%$195-7.58%
Darwin, NT$25810.26%$200-1.48%
Canberra, ACT$36015.02%$25019.05%
National median$35518.33%$2005.26%
Source: 2024 property listing data


Regional rents in Australia continued to rise in March 2024, with the national median rent increasing by 3% year-on-year. All states and territories recorded annual rent increases, with the exception of the Northern Territory, with the most significant increases seen in Queensland(14.42%), Western Australia (13.21%) and South Australia (12.86%).

Several factors are driving tight rental market conditions in regional Australia. These factors include strong demand from renters, as more people opt to live in regional areas due to lifestyle factors and affordability. Additionally, a shortage of rental supply exists because investors have been selling off their rental properties in recent years.

Regional rents are expected to continue to rise in the coming months due to high demand for rental accommodation and tight supply.

You might also like:
Who is responsible for cleaning up mould in my rental?
I’ve applied for a rental property. What happens next?
Point hacking: Earn rewards by paying your rent with a credit card

Table 3: 3% change to regional rents in March 2024

State/TerritoryMarch-24% change from March '23
New South Wales$5507.84%
Western Australia$60013.21%
South Australia$39512.86%
Northern Territory$460-16.36%
Aus. Capital Territoryn/an/a
National median$5153%
Source: 2024 property listing data

WHAT’S TRENDING? is Australia's largest company dedicated to renters and is owned and operated by ASX-listed Limited (RNT:ASX). For over 15 years, has exclusively focused on making renters' lives easier by making it easier to find a property, secure it, move in and pay rent.