Unit Rentals Spike

Housing affordability continues to worsen as median apartment rental prices soared by 20% to be on par with freestanding houses, according to the Domain Rent Report.

The combined capitals median rental prices for both housing types landed at $600 weekly during the December quarter. House rentals grew by 9.1% year-on-year, while apartment price growth doubled at 20%.

The “why” behind this spike? Apartment rentals were low during COVID-19, and the growth is a price correction.

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