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Australia's median rent has increased by $8,528 per year or a total of 37.5% since the current growth cycle started in August 2020, according to CoreLogic.
CoreLogic's head of research, Eliza Owen, said there were three main short-term factors behind this extraordinary surge:
* There was a notable decline in the average household size from late 2020, meaning more rental properties were needed to house the same pool of tenants.
* Australia's population has rapidly increased since late 2022, meaning the pool of tenants has actually grown.
* Investor activity declined between May 2022 and February 2023, reducing the supply of rental properties on the market.
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