Rental market slowing down despite rents hitting record-high

There was conflicting news for property investors and tenants in the latest rental numbers, pointing to a mixed outlook for the rental market.
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On the one hand, the national median rent hit a record-high $620 per week at the end of 2024, according to PropTrack. On the other hand, rental growth fell to its lowest level since 2021, after rents increased by just 1.6% in the December quarter.

For tenants, this rental slowdown reduces financial pressure, especially if you’re trying to save a deposit for your first home – although the market still favours landlords.

For investors, please note that while rents are likely to keep increasing, the rate of growth will be much slower than in the past three years. As a result, it's important to be realistic at your next rental review and to take guidance from your property manager about what tenants in your local market are willing to pay.

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