Renters offering more than 20% premium to secure homes

Finding a rental property continues to be difficult across the country, even with a lift in the number of available homes in recent months.

New data shows renters are responding by offering to pay above asking prices to secure a home.

By comparing advertised rents and those reported in new rental bonds, we can estimate the extent of price bidding required to secure rental properties.
To understand what is driving this response from renters, we will explore the reasons for the tightness of the market and look into the characteristics of areas where renters have paid the most above advertised prices.
The national rental vacancy rate – which measures the proportion of rental properties currently available for rent – reached an all-time low of 1.31% in March 2023.

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