Rents surged in the last hiking cycle. Not this time
Annual rent growth, eight capitals (%) against the RBA cash rate, 2018 to 2026. Data as at September quarter 2026.
Quick answer
Rent growth climbed from 1.1% to a peak of 7.8% in the March quarter 2024, during and after the 2022–23 hikes. This cycle it is slowing: 3.6% in the September quarter 2026 as the cash rate rose to 4.60%.
The data (35 quarters)
| Quarter | Rent growth, year on year (%) | Cash rate (%) |
|---|---|---|
| Sep qtr 2026 | 3.6% | 4.60% |
| Jun qtr 2026 | 3.6% | 4.35% |
| Mar qtr 2026 | 3.7% | 4.10% |
| Dec qtr 2025 | 4.1% | 3.60% |
| Sep qtr 2025 | 3.8% | 3.60% |
| Jun qtr 2025 | 4.5% | 3.85% |
| Mar qtr 2025 | 5.5% | 4.10% |
| Dec qtr 2024 | 6.4% | 4.35% |
| Sep qtr 2024 | 6.7% | 4.35% |
| Jun qtr 2024 | 7.3% | 4.35% |
| Mar qtr 2024 | 7.8% | 4.35% |
| Dec qtr 2023 | 7.3% | 4.35% |
| Sep qtr 2023 | 7.6% | 4.10% |
| Jun qtr 2023 | 6.7% | 4.10% |
| Mar qtr 2023 | 4.9% | 3.60% |
| Dec qtr 2022 | 4.0% | 3.10% |
| Sep qtr 2022 | 2.7% | 2.35% |
| Jun qtr 2022 | 1.5% | 0.85% |
| Mar qtr 2022 | 1.1% | 0.10% |
| Dec qtr 2021 | 0.4% | 0.10% |
| Sep qtr 2021 | 0.4% | 0.10% |
| Jun qtr 2021 | 0.0% | 0.10% |
| Mar qtr 2021 | -1.4% | 0.10% |
| Dec qtr 2020 | -1.3% | 0.10% |
| Sep qtr 2020 | -1.4% | 0.25% |
| Jun qtr 2020 | -1.2% | 0.25% |
| Mar qtr 2020 | 0.2% | 0.25% |
| Dec qtr 2019 | 0.2% | 0.75% |
| Sep qtr 2019 | 0.4% | 1.00% |
| Jun qtr 2019 | 0.4% | 1.25% |
| Mar qtr 2019 | 0.4% | 1.50% |
| Dec qtr 2018 | 0.5% | 1.50% |
| Sep qtr 2018 | 0.6% | 1.50% |
| Jun qtr 2018 | 0.6% | 1.50% |
| Mar qtr 2018 | 0.8% | 1.50% |
Shaded: rate-hiking periods. Rents: CPI rents component (all rented dwellings, not just new leases), seasonally adjusted. Source: ABS Consumer Price Index; RBA cash rate target. Data as at September quarter 2026.
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