Rent and Inflation

The rental market finally returned to pre-pandemic levels of growth in the final quarter of last year, and that positive trend has continued in Q1 2023. Rental growth of 3.9%, 4.6% and 4% was recorded in January, February and March respectively. Inflation remained stubbornly high at 6.9%, 7% and 7.1% during the three-month period.

To date, interest rate increases have done little to tame inflation, which is now below last year's peak but still stubbornly high. Rising prices and more expensive debt repayments are putting continued pressure on tenant affordability. On the other hand, higher-earning tenants are continuing to rent as rising interest rayes price them out of buying homes, increasing demand for rental properties.

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07 Jun 2023
Author Payprop

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