After slowing late last year, rent prices have surged again, with PropTrack reporting a 1.6% rise in the March 2025 quarter. The national median weekly rent now sits at $630, up 5% from a year ago—adding around $1,560 annually for tenants.

REA Group economist Anne Flaherty said, “The speed at which rents are rising has picked up… reversing the trend of slowing growth seen late last year.”

Apartments are leading the increase, with unit rents rising 3.2% in capitals and 3% in regions, compared to modest growth for houses.

Capital cities, particularly Queensland and South Australia, drove the national increase. Sydney remains the most expensive, with renters paying $70 more per week than those in Perth—and $9,100 more annually than in Melbourne.

Despite recent momentum, Flaherty expects “a more modest pace of rent growth” through the rest of 2025, though affordability remains a growing concern as rents have surged 14.2% in two years—well above inflation.