Weekly rents increase by $150 since start of COVID-19

Rent prices have increased by more than 32% since the start of the COVID-19 pandemic in 2020, according to property analysis firm.

That’s a median weekly rent increase of $150 in four years.

Home values also increased by around 32% in the same period

The median or ‘middle’ price is used to provide an idea of ‘typical’ national rent and property prices.

Here’s what you need to know.

Rentals

Nationalincreased 32.4% from March 2020 to February 2024. That’s compared to a 4.6% increase in rents from 2016 to 2020.

The rental vacancy rate, which measures the percentage of available properties to lease, is at a historic low of around 1%.

Low vacancies are typically associated with higher rents, as landlords can charge more to tenants who have fewer options. Swipe to see how rents have increased across the country since the start of COVID-19.

Capital city rent increases since COVID-19

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Property prices

CoreLogic found that median property prices are now $188,000 higher compared to March 2020.

However, house prices increased at a significantly higher rate than units — nearly 38% compared to 16.5%.

Here’s how property prices have increased across the country since the start of COVID.

Property price increases since COVID-19

Regional areas

Regional property and rent prices generally increased at a greater rate than capital cities. This could be attributed to flexible working trends which sees people moving away from cities.

CoreLogic Research Director Tim Lawless said: “It was four years ago when the World Health Organisation declared COVID-19 a worldwide pandemic. Since that time economic trends, including housing metrics, have been on a roller coaster ride.”

Despite what he called “unprecedented” demand,” Lawless said housing supply is falling short, due to construction and cost challenges.