Rent going up? Try these tips

Estimated reading time
 5 min

In this article

• Be prepared for your rent increases.
• 5 ways to manage your rent going up.
• Find out more about landlord and tenant rules by state.

The Australian rental market has undergone significant shifts in recent years. With vacancy rates at historic lows and demand for rental properties outstripping supply, many renters are feeling the pinch.

Here are some practical strategies to help you navigate the rental market and manage your rental costs effectively.

Negotiate your rent

One of the most effective ways to manage rising rental costs is to negotiate with your landlord. While it may seem daunting, many landlords are open to negotiation, especially if you have a good rental history and can demonstrate that you are a reliable tenant. Here’s what you can do:

1. Do your research

Before negotiating, research the current rental prices in your area. You can download ANZ Property Profile report for free – it includes sales and rental history, among other important information, that could help give you an idea of what comparable properties are renting for.

2. Highlight your reliability

Emphasise your positive rental history, including on-time payments and good maintenance of the property. This can make you a more attractive tenant to your landlord.

3. Offer to sign an extended lease

If you are willing to commit to a longer lease, your landlord may be more inclined to offer a lower rent. This provides them with the security of a stable tenant for a longer period.

Consider government assistance

The Commonwealth Rent Assistance program provides financial support to eligible renters, helping to reduce housing costs. Check the eligibility requirements and special rules. Additionally, the National Housing Accord aims to increase the supply of affordable housing, which could help alleviate some of the pressure on the rental market.

Explore alternative housing options

If you are struggling to find affordable rental properties, consider exploring alternative housing options. Co-living arrangements, where you share a property with other tenants, can significantly reduce your rental costs. Additionally, renting a room in a shared house can be a more affordable option than renting an entire property.

Stay informed about new developments

Keeping up to date with new developments in the rental market can help you make informed decisions. According to the 2025-26 Federal Budget, the Australian government has committed to building 1.2 million new homes over the next five years, which could help increase the supply of rental properties and stabilise rental prices.  Additionally, new regulations and policies, such as the ban on foreign buyers purchasing existing dwellings, could impact the rental market.

Learn your state’s laws and know your rights

Understanding your rights as a tenant is crucial in navigating the rental market. Recent updates to state rental laws across Australia have introduced significant changes to better support renters and landlords alike:

• New South Wales: The Residential Tenancies Amendment Act 2024 has ended 'no grounds' terminations, making it easier for renters to keep pets and limiting rent increases to once per year.
• Queensland: The Residential Tenancies and Rooming Accommodation and Other Legislation Amendment Act 2024 has introduced a new rental application form and increased the notice period for property inspections from 24 to 48 hours.
• Victoria: Ongoing updates to rental laws focus on improving tenant rights and ensuring fair treatment.
• South Australia: Rental laws remain consistent with previous years, focusing on tenant protection and fair rental practices.
• Western Australia: The Residential Tenancies Act continues to provide a framework for fair rental agreements and tenant rights.
• Tasmania: The Residential Tenancy Act 1997 remains in effect, ensuring tenant rights and responsibilities are clearly defined. 
• Northern Territory: The Residential Tenancies Act 1999 continues to govern rental agreements and tenant protections.
• Australian Capital Territory: The Residential Tenancies Act 1997 provides a comprehensive framework for tenant rights and landlord responsibilities.

Budget wisely

Effective budgeting is crucial for managing rising rental costs. Here are some tips to help you budget wisely:

1. Track your expenses

Keep a detailed record of your expenses to find areas where you can save on costs. Here are some pro tips on tracking your spending.

2. Prioritise your spending

Focus on essential expenses, such as rent, utilities, and groceries, and look for ways to reduce discretionary spending. Here are ten to ways to save on your grocery shop.

3. Save for emergencies

Set aside a part of your income each month for emergencies. This can help you cover unexpected expenses and avoid falling behind on your rent. Here are 5 tips to help you  save for your emergency fund.

Lean on your bank

Whether it’s to point you in the direction of some good advice, or help you reorganise your finances, your bank is a good place to start if you’re not sure how to afford a recent rent increase. If you’re with ANZ, call us or book an appointment for a chat.

Navigating the rental market can be tough, but with the right approach, you can manage rising costs and find a place that suits you. Stay informed, negotiate smartly, and consider alternative housing options to take control of your rental situation and get the best value for your money. Being proactive and understanding the market, along with utilising government assistance programs and budgeting wisely, will help you handle rental challenges with confidence and ease.