REIV’s latest vacancy rate report for February 2025 shows that median weekly rents for units in the metropolitan region have matched their house counterparts for the first time, at $581 per week.
The growth in weekly rents for units has outpaced houses over the past year. The median rents for metro houses have remained unchanged at $580 since November 2024, went up slightly from $570 in February 2024, which is 1.8 per cent increase over the twelve months period. Compared to units, which have grown by 5.6 per cent since February 2024 from $550 to $581 over the same period.
As more apartments are being built in inner and middle rings, they offer the advantage of easier access to work and amenities, a key factor for most renters.