Rental stock in Canberra was significantly higher than the decade average in December, offering more choice for renters, according to the PropTrack Rental Report December 2023 released today. 

The total number of rental listings in December was 32.7% higher than the ten-year average, while easing demand and higher vacancy rates provided some relief for renters in the ACT, the report suggests.

This contrasts with the national average where rental stock is at historic low levels while population growth is driving strong demand, exacerbating tough conditions for renters.

Over 2023, rents remained relatively unchanged in Canberra, with the median rental price (houses and units combined) sitting at $610 per week in December.

According to the report, rental market pressures eased in Canberra in 2023. New listings rose a slight 0.8% annually to sit a significant 21.8% higher than the December ten-year average.

Despite recording an annual fall of 1.0%, the total number of rental listings now sits 32.7% higher than the ten-year average.

Canberra had the second highest rental vacancy rate of the capital cities in December, sitting at 1.7%.

Demand has pulled back, with Canberra recording 11.2 enquiries per listing on realestate.com.au in December, compared to 23.8 nationally.

National rental market snapshot

With more stock and demand easing, the number of days a rental property was listed on realestate.com.au was 22 on average across capital cities and regional markets.

Despite this, the report finds that nationally the supply of new rental stock under construction remains low and although investor purchasing has increased, investor selling remains heightened.

“The overall supply of rental stock is anticipated to remain low, while strong migration to Australia, particularly of students, is likely to drive continued strong rental demand,” the report states.

“With rental listing volumes at historic lows and well below their decade average, rental conditions are likely to remain challenging. Given ongoing strong population growth and the low volume of new rental stock under construction, it is likely that competition for rental stock will remain significant.

“These conditions will be most prevalent in major capital cities and regional areas with strong demand and limited supply, which is likely to keep pressure on rents.”