Renters are coming up trumps in the economic crisis, as rent prices stalled in June, according to Australian Property Monitors (APM).
The APM’s rental series for the June quarter reported zero growth in rental prices across the country, except in Canberra.
APM economist Matthew Bell said rental growth has “stropped dead in its tracks” as a result of a “weakening employment market and an increase in alternative ownership options, leaving renters much less willing to accept increases in rental prices.”
In some cities weekly rental prices fell, as landlords tried to attract tenants.
“The first six months of 2009 has seen the market turn in favour of renters,” said Bell.
Canberra was the only city to post growth in rent for houses in the quarter, up 1.2 percent.
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