Rents Rise, Relief Lags

Rents have surged 14.2% over the past two years—more than double Australia’s inflation rate of 6.6%—according to Money.com.au’s analysis of ABS data. After rising 7.3% in 2023 and 6.4% in 2024, projections suggest rents could jump another 18% by 2030.

Money.com.au Property Expert Mansour Soltani said the divide between renters and homeowners is widening: “Inflation is easing for most, but rents keep rising. Renters are bearing the brunt of the housing crisis.”

Perth leads with a 19.9% rent hike over two years, followed by Brisbane (15.8%) and Sydney (15.4%). Melbourne (12.7%) and Adelaide (12.2%) also rose, while Darwin and Canberra had smaller increases. Hobart was the only city with a decline (-1.5%).

Nearly half of renters (47%) say they’d move to find cheaper rent, with 14% currently looking. Gen Z and Gen X renters are most affected.

With population growth, low vacancy rates, and housing shortages, Soltani warns the crisis could mirror the prolonged rental surge seen during the GFC.