How is the cost of renting changing in your city? Rent.com.au has released the latest market data for January 2022, including the shift in median rent, price per room and leasing time.

In summary… 📜

  • In January, the most significant changes to rental property availability month-on-month were seen in WA (up 17.6 per cent), TAS (up 16.4 per cent) and SA (up 7 per cent).
  • In January, median apartment rents were up by 2.3 cent across the country, now $440 a week.
  • Considering the month-on-month change, the number of advertised properties across Australia in January 2022 dropped by 2.1 per cent.

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

Metro areaApartments% changeHouses% changePrice per room% change
SYDNEY$5004.20%$6500%$2753.40%
MELBOURNE$3851.30%$4500%$1952.60%
BRISBANE$4301.20%$5301.90%$1931.60%
PERTH$4000%$4700.20%$1661.80%
ADELAIDE$3700%$4502.30%$1663.80%
HOBART$410-2.40%$5202%$2002.60%
DARWIN$4302.40%$5952.60%$1965.40%
CANBERRA$5201%$6100%$260-3.70%
National median$4402.30%$5001%$2123.40%
Source: Rent.com.au 2022 property data

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Price trends (January 2022)

How median rents are changing 👇

It’s fair to say that 2021 was an interesting year for Australia’s residential rental market, and 2022 is shaping up to be similar. Increased rental demand at a time of low vacancy rates will likely see rentals continue to rise throughout this year. Demand will further increase once international borders finally reopen and cause increased pressure on apartment rents close to the country’s CBDs and education hotspots.

Until this happens, certain segments of the rental market will find the next few months challenging, chiefly city apartments and accommodation around universities until the influx of migrants and international students return to Australia. Inner-city apartment markets that rely on students, tourists and overseas arrivals will remain challenged.

In January, median weekly advertised rents increased by 2.3 per cent for apartments over the month and by 1 per cent for houses. This increase was likely driven by an overall decline in new and total rental listings (down 2.1 per cent from December 2021).

Sydney held onto its title with the country’s most unaffordable houses at $650 per week, unchanged from December 2021. The New South Wales capital was met by apartments in Canberra at $520 per week, up 1 per cent from the month prior.

Considering January’s median rent data, the most affordable metro capital was Adelaide, where apartments now sit at $370 per week. The most significant changes in rental property availability month-on-month were seen in Western Australia (up 17.6 per cent), Tasmania (up 16.4 per cent) and South Australia (up 7 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 January, up 8 per cent and 6.3 per cent, respectively.

Room prices were up in all states and territories for both property types in January 2022. The most significant cost shifts were Darwin houses (up 18.5 per cent to $193 per week), Hobart apartments (up 14.9 per cent to $250 per week) and Darwin apartments (up 13.6 per cent to $215 per week).

The country’s most expensive rooms in a rental could be found in Canberra apartments with a price per room of $337 a week.

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

Metro areaApartments% change from JAN 2021Houses% change from Jan-21
SYDNEY$3127.80%$2257.10%
MELBOURNE$25011.10%$1525.30%
BRISBANE$2427.80%$16510%
PERTH$25011.10%$1507.10%
ADELAIDE$1902.70%$15510.70%
HOBART$25014.90%$1909.60%
DARWIN$21513.60%$19318.50%
CANBERRA$3373.80%$21612%
National median$2708%$1706.30%
Source: Rent.com.au 2022 property data

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How are the regions faring? 🌳

Supply and demand have impacted rental conditions across Australia’s regional markets. It follows a surge in regional population growth from the pandemic, especially in locations like regional New South Wales and regional Victoria.

Regional rents remained consistent month-on-month but show signs of growth in Western Australia, the Northern Territory and Tasmania. As international borders reopen and some of Australia’s previously dispersed renters return in the coming months, larger capitals like Sydney and Melbourne should make a comeback and ease pressure on struggling regional markets.

In January, Western Australia recorded the most significant change, up 7.1 per cent to $450 per week. The Northern Territory remains the least affordable of all states and territories, with the median rent tipping $530 a week.

Table 3: Regional rents in December 2021

State/TerritoryJAN 2022% change from DEC 2021
NSW$4800%
VIC$3800%
QLD$4500%
WA$4507.10%
SA$3200%
TAS$4205%
NT$5306%
ACTn/an/a
National median$4500%
Source: Rent.com.au 2022 property data

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 Melbourne, where houses moved 32% per cent slower than in December 2021 – now averaging 29 days to lease.

In January, apartments were picking up pace in Adelaide, shifting 16 per cent faster than in December 2021. Over in Hobart, houses moved quickest of all property types, taking just 15 days to rent (17 per cent faster, month-on-month).

Sydney metro’s apartment-heavy market continued to lag in January. Apartments were on the market longer than any other inner-city area in January, taking an average of 32 days to lease.

Melbourne’s advertised stock levels remain above average, prompting a more obvious slow down relative to cities with persistently low advertised supply, like Perth, Brisbane, and Adelaide.

Metro areaAPARTMENTS (Jan' 22)% change from Dec '21% change from Jan '21HOUSES (Jan' 22)% change from Dec '21% change from Jan '21
SYDNEY32 days23% slower16% faster26 days24% slower6% faster
MELBOURNE25 days18% slower27% faster29 days32% slower4% faster
BRISBANE17 days5% faster23% faster16 days14% slower3% faster
PERTH18 days3% slower12% faster17 days7% slower13% faster
ADELAIDE16 days1% slower30% faster16 days16% slower1% faster
HOBART12 days11% faster17% faster15 days17% slower17% faster
DARWIN22 days4% faster11% slower23 days14% slower10% slower
CANBERRA20 days27% slower12% slower20 days26% slower4% slower
Source: Rent.com.au 2022 property data

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

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