Time to negotiate? Rents up 4.5 per cent in Newcastle in 12 months

RENT prices across Newcastle and Lake Macquarie have shot up 4.5 per cent in 12 months, with renters in the region forking out an average of $616 per week.

The April 2023 rental vacancy rate across Newcastle and Lake Macquarie was 1.1 per cent, up slightly from 1.0 per cent in April last year, according to CoreLogic's Rental Pulse report.

That's according to CoreLogic's new rental Pulse report released this week which shows that rent values in the region increased 0.5 per cent in the past month and 1.5 per cent in the last quarter.