The latest PropTrack Market Insight found the median national rent increased 1.8 per cent over the December quarter to $580 per week.

It means the average Aussie renter is now paying up to 11.5 per cent, or $60, more per week compared to a year ago.

Despite growing at the slowest pace of annual growth since early 2022, rents in capital cities surged 13.2 per cent in 2023, PropTrack senior economist Angus Moore said.

“Rental markets are extremely challenging for renters, with rents continuing to grow very quickly across much of the country amid strong demand and very low vacancy rates.

“Rents are growing at double-digit rates in many capitals, with Sydney, Melbourne and especially Perth renters facing very strong growth.

Sydney remains the most expensive city for renters, with units in Sydney, Melbourne and Brisbane jumping between 15 per cent to 17 per cent in prices over the past year.

It now costs the average Sydneysider $200 more to rent a house ($750/week) than it would someone living in Melbourne ($500/week).

But it was Perth, with its incredibly low rental vacancy rate, that experienced the fastest rent growth over the past year.

Median advertised rents hit $600 in the year to December, up 20 per cent on the previous year.

PropTrack estimated rent has now grown up to 66 per cent compared to pre-pandemic levels.

In contrast, rents across regional Australia experienced a more moderate growth and stayed flat across the December quarter.

“Median advertised rents have been stable for two consecutive quarters, sitting at $500 per week since June,” Mr Moore said.

But the analyst said while the upcoming January period, typically the busiest time of year for rentals, will see price increases there could be some hope to come.

“There may be some relief on the horizon, with signs that growth is starting to ease,” he said.