The residential rental market appears to be holding steady, with the number of properties rented in April following its usual seasonal course while rents held on to the gains made at the start of the year. The latest rental data from Tenancy Services shows it received 11,157 tenancy bonds in April, down slightly from the 11,802 it received in April last year. Bonds are usually lodged at the start of a tenancy and their numbers tend to peak over summer and then decline over the winter months. April's figures suggest the rental market is continuing to follow that trend this year and the bond graph below shows the monthly trend since the beginning of 2021. Rents also appear to be stabilising after a period of growth, with the national average rent climbing back to its record $575 a week in April.
