Key takeaways

Nationally rents were up 8.3% in 2023.

Growth in unit rents (10.2%) has outpaced the rise in house rents (7.5%) this year.

We can also see some significant differences across the broad regions of the country.

Rental growth across the combined regional areas of Australia slowed to 4.3% in 2023, the smallest calendar year rise since before the pandemic.

Considering we are yet to see any material response in rental supply, growth in rents is likely to remain above average in 2024.