Worrying new figure in rent crisis

Properties are getting leased a week faster than before the pandemic.

·2-min read
Rental inspection. For lease sign.
Rental properties are being leased in record time, according to new data. (Source: Getty)

Aussie renters are snapping up properties at record speed as the rent crisis continues, new research has found.

A new PropTrack report revealed properties were on the market for just 18 days before being leased - a week faster than the typical pace seen pre-pandemic.

It comes as national rental markets remain extremely tight, due to a low number of available properties, rising rents and growing demand.

Adelaide and Perth rentals were snapped up the quickest, with both cities seeing rentals listed on realestate.com.au leased in just 16 days.

Sydney and Melbourne have seen the sharpest declines in days on the market, with rental properties leasing in 18 days (four days faster) and 17 days (six days faster), respectively.

The number of days on the site is also sitting at low levels in Brisbane (17 days) and Hobart (19 days). Darwin and ACT had the longest time on the market of the capital cities (both 24 days).

Time on the market increased a little in regional areas to 20 days, an increase of three days compared to 12 months ago.

“Regionally, the time a rental is listed before leasing has increased slightly from the record-low levels experienced during the pandemic, but remains historically low,” PropTrack economist Angus Moore said.

“With vacancy rates sitting at extremely low levels and rents growing fast, we expect rentals will continue to be speedily snapped up this year, as renters compete for limited stock.”

Australia's rental market got even tighter in March, with the number of available rentals falling to less than 1.5 per cent.

These conditions are making it more difficult for renters to find homes and leading to price hikes, with rents up 10 per cent over the past year. The national median rent is now $500 per week.

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