Australian capital city rents have biggest monthly fall in over four years but crisis ‘far from over’

Rents are falling and vacancy rates are up but the housing market remains tight. Photograph: Mick Tsikas/AAP

Average asking rents in Australia’s capital cities fell 0.5% in May, the largest percentage monthly decline in more than four years.

New data released by SQM property research shows the fall in average capital city rents – to $723 in May – was the largest monthly percentage decline on that measure since April 2020.