Rental data says rents are rising but growth is slowing

New data from PropTrack showing that while rents are still rising, the rate of price growth has started to slow.

Transcript

00:00Some slight good news because it's really still, we're still seeing rents going up across

00:06the country, but it could potentially be slowing those increases because in the year to March

00:122024, we've seen a 9.1% increase in rents, which equates on average to about $50 per

00:21week across the board, across the country, but it's the first time we've seen the rate

00:26of rent drop below 10% for the first time in two years.

00:31So that's some good news and if that continues, obviously we still see rents going, potentially

00:36not rising as much as what we have been seeing, but we're still seeing increases and that

00:42means that people are doing it tough out there with the cost of living.

00:45So a lot of people are looking for cheaper alternatives when it comes to where they live.

00:49Some people opting for share houses rather than getting a place of their own, getting

00:54into a unit rather than a house, and some people are avoiding the rental market altogether,

01:00Gemma, deciding to take the plunge, get themselves a mortgage and buy their own home.

01:06Because if you look at the data in terms of what's available out there in terms of rents,

01:10renting properties, it's still looking pretty dire out there, 11.3% listings are down, 11.3%.

01:19And so that stretches back to, we haven't seen data like that since 2010, that's the

01:23lowest it's been since 2010, so it shows that it is still pretty bad out there.

01:28So that sees a lot of people actually taking that plunge, buying a property, in fact, first

01:33time buyers are up to 20.7% over the last year, dating to February.

01:40So yeah, a lot of people taking that plunge, but it's still very tough out there and people

01:44are still having to compromise when it comes to where they live.

01:53Transcribed by https://otter.ai