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20 Regions where rents will continue surging in 2024
Discover the top 20 regions where rents are set to soar in 2024! Don't miss out on these valuable insights—click here: to download the full report now!
Australia’s rental crisis is showing signs of easing: SQM data shows that the average asking rents in the capital cities fell 0.5% in May, the largest percentage monthly decline in more than four years, and CoreLogic’s national rental index rose 0.7% in May, the lowest monthly change since December 2023.
However, an eased crisis is still a crisis. In fact, it is far from over.
In the 12 months to May 2024, Australian SA31 regions’ rental prices increased by 10.8% on average, only slightly lower than the 11.1% annual growth last year. Capital city SA3s achieved 12.6% average annual growth, higher than last year’s 11.6%; While the regions continue to slow down, recording only 6.4% average growth in a year (compared to last year’s 10.2%).
The InvestorKit research team reviews the rental market pressure across Australia's 300+ SA3 regions each year to identify the tightest rental markets where rents are set to surge in the coming year. We examine the rental market pressure based on a series of indicators including vacancy rate, economic performance, long-term growth, supply level, rental yield, and more. After this year's review, we present to you 5 Greater Capital Cities and 15 regions where there are clear signs that the rents will continue to surge by a total of $2,600 to $3,900 per region in the coming 12 to 24 months.
For each of the regions, we go through their rental demand & supply indicators, long-term and short-term market pressure, and rental price trends. Click here to see all 20 regions.
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