yes rental rates growth dropped to a low of -1.4% during the omicron surge but quickly rose back to the pre-covid rate of 0.4% by Q4 '21. then inflation hit and the growth rate has rocketed up since Q1 22.
rents fell for the covid period as share housing was becoming untenable during lockdowns and people moved out to live with family or in a place of their own. yep the migrant movement made a huge difference too no doubt. and since the interest rate rises the mortgages have become much more expensive, services such as insurance have leapt yoy and many other costs to landlords have increased and all keep demanding more money from the landlords.
its a rotten cycle that has no political origin. its many variables which have collided to push up rental rates.
