Rents rise $137 per week: Cheapest Aussie suburbs revealed

National rent prices have risen for 38 consecutive months and many Aussies are struggling to keep up.

Eliza Bavin · Personal Finance Editor

Updated Wed, 4 Oct 2023, 5:25 pm 2 min read

a group of people wait on the street to enter an open rental inspection and a group of houes. — Rent prices have risen for the 38th month in a row. *(Source: AAP)*

Rent prices have skyrocketed more than 30 per cent since July 2020, with the national average rent costing Aussies $588 per week.

And the problem is just getting worse, with rents rising a further 1.6 per cent in September - marking the 38th consecutive month of rising prices, according to CoreLogic data.

But there may be some light at the end of the tunnel, with the pace of growth finally starting to slow.

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CoreLogic economist Kaytlin Ezzy said there were a number of factors driving the slowdown in rental growth, even though limited availability was still driving prices higher.

“Worsening affordability continues to be a significant factor placing downward pressure on the pace of rental growth in recent months,” Ezzy said.

“With the rising cost of living adding additional pressure on renters’ balance sheets, it is likely tenants have hit an affordability ceiling, seeking to grow their households to share the growing rental burden.”