Rents to remain flat

Rental prices have stagnated in capital cities, an Australian Property Monitors report shows.

Echoing findings of NAB’s newest Residential Property Survey, the APM Rental Price Series Quarterly Report has found rental prices remained flat across most capital cities. Rental prices for units rose by a marginal 0.3 % over the quarter, while rental prices for houses fell 0.2 %. APM senior economist Andrew Wilson said reductions in buyer activity have not resulted in the rental increases which were expected to follow, a result he put down to cost of living increases. He commented that the trend of flat rental growth was expected to continue.

“The good news for renters is the flat growth in rental prices will continue in most capital cities, as an expected increase in buyer activity will take the pressure off the rental market by decreasing competition for available rental properties and motivating investors to re-enter the market,” he said.

Source: brokernews.com.au