Record-High Rents Persist Despite Slowdown in Price Growth

The affordability ceiling is also becoming increasingly apparent, with unit rents outpacing house rents in Sydney, Melbourne, Brisbane, Canberra, and Hobart.

A 'For Lease ' sign is seen at the front of a new house in Sydney, Australia, on Jan. 11, 2024. Jenny Evans/Getty Images

Rental price growth may be its slowest in years but low vacancies and lack of new supply mean landlords retain the upper hand.

Rents remain at record highs in every capital city despite the slowdown in price growth, Domain found in its March-quarter rent report on April 3.