There has been strong demand for rental houses in Canberra. Photos: File.
Canberra’s rents are on the rise again, particularly for houses which had the nation’s highest monthly increase in October.
SQM Research said asking rents for houses surged 4.5 per cent to $643 a week to 12 November, compared with $614 a month ago when rents actually fell 1.4 per cent.
Asking rents for units also went up by 2 per cent to $471 a week, compared with $462. This comes on top of a 4.4 per cent rise a month earlier.
Over the 12 months to 12 November, asking rents for houses in the national capital rose 0.7 per cent, while demand for units saw rents go up a solid 5 per cent, bucking the national trend.
While the vacancy rate has improved since this time last year when it was a very difficult 0.6 per cent with only 387 vacancies, it remains a tight market with a vacancy rate of 1 per cent and 647 vacancies, down from the September figure of 668 vacancies.
Unit rents have risen 5 per cent over the year to 12 November.
The market has tightened since winter when the June vacancy rate was 1.3 per cent with 847 properties. Rents at 12 July were $624 and $461 a week and dipped to $604 and $459 two months later. But they are now rebounding, with tenants now facing fewer properties to choose from and having to fork out more not just in rent but bond as well.
Canberra rents for both houses and units remain only second to Sydney, with demand fed by population growth, a strong jobs market and declining home ownership.
The Tenants’ Union says there has been a 140 per cent increase in the rental market over the last decade, with 143,000 people now in rented accommodation in the ACT.
Nationally, vacancy rates were steady at 2.1 per cent. Hobart was the lowest at 0.5 per cent, and Sydney and Darwin the highest at 3.1 per cent.
Capital city asking rents increased 0.9 per cent for houses but remained steady for units at $549 and $435 respectively. But over the 12 months, asking rents declined 0.7 per cent for both houses and units.
Sydney rents rose over the month, 1.5 per cent for houses and 0.2 per cent for units, but the harbour city is still recording rent falls of over 4.0 per cent year on year.
Loading ...
