Rental Pain Persists, Weekly Median Pushes to $630

Rent growth eases slightly, but affordability pressures persist as capital city rates stay elevated and regional markets show mixed movement.

Medium density houses are seen in the western suburbs in Sydney, Australia, on Jan. 11, 2024. Jenny Evans/Getty Images)

Australian renters are continuing to feel the strain as the national median rent nudged up once again in April, despite broader signs that the country’s overheated rental market may finally be cooling.

New data from Rent.com.au released on May 6 shows that the national median rent rose by $5 to $630 per week—just above inflation and matching the previous increase seen in January.

Yet while price hikes are now smaller than those recorded through much of 2024, rents remain close to record highs in nearly every capital city.

Alongside Rent.com.au’s figures, CoreLogic’s latest Quarterly Rental Review, released on April 16 paints a similar picture.

CoreLogic warns that, even with this moderation, affordability remains a serious concern—particularly in major cities like Sydney, Melbourne, and Perth.

Sydney, Perth Lead Rises in Metro Rents

According to Rent.com.au, apartment rents stayed flat nationally at $620 per week in April, but prices surged in three key markets: Sydney (up 2.1 percent to $725), Perth (up 3.1 percent to $650), and Hobart (up 3.2 percent to $480).

Melbourne was the only major city to see a drop, with apartment rents down 1.7 percent to $560.

House rents, meanwhile, climbed by $5 to a national median of $635 per week, influenced mainly by increases in Sydney (up 2.3 percent to $870) and Melbourne (up 0.7 percent to $599).

Perth recorded a decline of 1.4 percent, returning to levels last seen in January and February.

On an annual basis, apartment rents have risen 3.3 percent, while house rents have gone up by 4.1 percent.

Although these figures reflect a cooling from the double-digit surges seen in 2023, they are still squeezing household budgets.

CoreLogic: Seasonal Bump Hides Broader Slowdown

While Rent.com.au’s April snapshot shows short-term movement, CoreLogic’s March quarter data helps put these changes in context.

Rents rose nationally by 1.7 percent over the first quarter of 2025—an uptick from 0.4 percent in the December quarter, but notably the slowest March quarter increase since 2019.

CoreLogic Economist Kaytlin Ezzy said that although seasonal factors played a role in the latest rise, the longer-term trend is clearly one of slowing momentum.

“Rental growth is still tracking above the pre-COVID-19 decade annual average of 2 percent, but the rate of change has slowed considerably,” Ezzy said.

Annual growth in national rents now sits at 3.8 percent, down from the 8.3 percent peak recorded in the year to March 2024.

Ezzy pointed to larger household sizes and easing population growth as key reasons why rental demand—and therefore price pressure—is beginning to soften.

“With affordability stretched, many renters are adjusting by staying in shared accommodation or delaying independent living,” she said.

Listings Increase, But Relief May Be Uneven

Meanwhile, rental availability is slowly improving. Rent.com.au reported a 4.6 percent rise in national listings in April, following seasonal drops in February and March.

Victoria, South Australia, and Western Australia saw the biggest gains, while the territories recorded sharp declines in listings.

Despite more stock entering the market, competition remains fierce. The median time a property stays on the market remains steady at 17 days, indicating high demand.

The national weekly price per room also increased slightly by $3 to $243, reflecting ongoing cost pressures.

Regional rents have remained flat, holding steady at $560 for the second consecutive month. Unlike last year’s volatility, 2025 has so far shown fewer fluctuations in regional pricing.

Outlook: Slower Growth, But No Quick Fix

CoreLogic predicts that even with rising listings and softening demand, rent growth is likely to continue, albeit at a slower pace.

Since March 2020, national rents have increased by a staggering 38.4 percent, or about $182 per week. This historic rise is forcing many households to make difficult adjustments to their budgets.

With net overseas migration also dropping more than 30 percent from its 2023 peak, some of the population pressures that drove rental surges may be easing.

However, for most renters in Australia’s capital cities, especially Sydney and Perth, meaningful relief remains out of reach.