Stemming from a shortage of vacant properties, rents have sharply risen, and there doesn’t appear to be any relief predicted for tenants this year.

The Australian Property Monitors Rental Price Series Quarterly Report shows escalating median rents in the March quarter, with sustained hikes throughout the year. It is believed that these rent rises is being drived by the shortage of properties, and landlords passing on last years successive rate rises.

Nationally, unit rental prices rose sharply by 2.3 per cent, reflecting high demand in most capital cities, while national house rentals increased 0.1 per cent during the quarter, according to the APM report.