Rental Struggles Continue as Weekly Median Reaches $630

Renters across Australia continue to feel the strain, as the national median rent rose once more in April, despite indications that the country’s overheated rental market may be cooling down.

According to new data from Rent.com.au released on May 6, the national median rent increased by $5, reaching $630 per week—slightly above inflation and consistent with the earlier rise noted in January.

Although the price increases are smaller than those seen throughout much of 2024, rents remain near record highs in almost every capital city.

Alongside these figures, CoreLogic’s recent Quarterly Rental Review, published on April 16, reflects a similar trend.

CoreLogic cautions that despite this moderation, affordability continues to be a significant issue—especially in major cities like Sydney, Melbourne, and Perth.

Sydney and Perth Lead the Rise in Metro Rents

As reported by Rent.com.au, apartment rents remained stable nationally at $620 per week in April, but experienced substantial increases in three major markets: Sydney (up 2.1 percent to $725), Perth (up 3.1 percent to $650), and Hobart (up 3.2 percent to $480).

In contrast, Melbourne was the only major city to experience a decline, with apartment rents decreasing by 1.7 percent to $560.

Meanwhile, house rents increased by $5, bringing the national median to $635 per week, primarily driven by hikes in Sydney (up 2.3 percent to $870) and Melbourne (up 0.7 percent to $599).

Perth saw a decline of 1.4 percent, reverting to levels observed in January and February.

In annual terms, apartment rents have increased by 3.3 percent, while house rents have risen by 4.1 percent.

Despite these figures indicating a cooling from the double-digit increases seen in 2023, they continue to put pressure on household budgets.

CoreLogic: Seasonal Increases Mask a Broader Slump

While Rent.com.au’s snapshot for April illustrates short-term movements, CoreLogic’s data for the March quarter provides context.

National rents rose by 1.7 percent over the first quarter of 2025—an increase from 0.4 percent in the December quarter, yet it remains the slowest March quarter growth since 2019.

CoreLogic Economist Kaytlin Ezzy noted that while seasonal factors influenced the recent rise, the long-term trend indicates a clear reduction in momentum.

“Rental growth is still outpacing the pre-COVID-19 decade annual average of 2 percent, but the rate of increase has significantly slowed,” Ezzy stated.

The annual growth in national rents now stands at 3.8 percent, down from the 8.3 percent peak reached in the year ending March 2024.

Ezzy identified larger household sizes and decelerating population growth as significant factors contributing to the easing rental demand and subsequent price pressures.

“With affordability stretched, many renters are opting to stay in shared accommodations or postponing independent living,” she explained.

Listings on the Rise, Yet Relief May Be Uneven

Rental availability is gradually improving. Rent.com.au recorded a 4.6 percent increase in national listings in April, following seasonal declines in February and March.

Victoria, South Australia, and Western Australia experienced the most significant gains, whereas the territories saw sharp drops in listings.

Despite the influx of new properties, competition remains intense. The average duration a property stays on the market remains steady at 17 days, reflecting sustained demand.

The national weekly cost per room has also nudged up $3 to $243, indicating ongoing cost pressures.

Regional rents have remained stable, holding at $560 for a second consecutive month. Unlike last year’s volatility, 2025 has exhibited fewer fluctuations in regional pricing.

Outlook: Slower Growth, But No Immediate Solution

CoreLogic anticipates that even with increasing listings and waning demand, rent growth is expected to persist, albeit at a slower rate.

Since March 2020, national rents have surged by an astonishing 38.4 percent, or approximately $182 per week. This historic climb is compelling many households to make challenging adjustments to their financial plans.

With net overseas migration declining more than 30 percent from its 2023 peak, some of the pressures that contributed to rental increases may be easing.

However, for most renters in Australia’s capital cities, particularly in Sydney and Perth, substantial relief remains elusive.