The pace of rental growth has halved in the past year, according to new PropTrack analysis. It says that nationally, rents rose by 7% in the past 12 months, compared with 14% in the year before that.

At the same time, the number of properties being offered for rent has increased slightly, according to PropTrack economic analyst Megan Lieu. “Since November 2023, total rental listings have risen by 7.1%, likely due to a return of investors and more people opting to purchase their first home instead of renting,” she says.

Sydney and Melbourne’s rents increased 6% in the past 12 months, compared with 17% in the year prior. Brisbane rents increased by 5% in the past year, down from 10% in the previous year. Lieu says Adelaide is the market where rents are still growing strongly, with rents up 9% in the past year compared to 10% the year prior. “While rent price growth has slowed in the past year, the cost of renting remains significantly higher compared with pre-pandemic times.”