Rent growth has started to ease after growing by 39% in the past four years according to new research by CoreLogic. That growth between August 2020 and June 2024 was extraordinary when compared with the four years prior to August 202 when rents rose by just 5.4%.

CoreLogic says despite the slowdown the annual rental growth trend is still well above the pre-Covid average in most capital cities. The data shows in the 12 months to August 2024, rents rose the most in Perth, where they are up by 11.6%, followed by Adelaide, up 8.4% and Melbourne, up 7%. Rents in Sydney are up 6.4%, Brisbane, 6% and Hobart 3.7% while the ACT is up by 2.7% and Darwin by 0.8%.

According to CoreLogic rents in Sydney fell by 0.3% in the three months to August, the first decline in its rents over a rolling three-month period since the three months ending October 2020 at the height of Covid lockdowns.