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Cotality’s rental data for July confirmed that the market remains extremely tight. Rental affordability has also hit a fresh record low, with tenant households paying a record share of their incomes on rent.
Advertised rents nationally grew by 0.4% in July, leaving the annual growth rate at a cyclically high 5.9% for the third consecutive month, adding the equivalent of $40 per week to the national median rent.
The national rental vacancy rate also remains historically tight at 1.7%, although it has lifted marginally from May’s low of 1.5%.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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