Canberra Rental Market Update: September 2026
Canberra rents, vacancy rates and yields for the September 2026 quarter, with what it means for landlords in Woden, Belconnen and Gungahlin.
RENTAL MARKET
Canberra rental market update: September quarter 2026
Canberra's rental market cooled slightly over the September quarter. Rents were broadly flat for the three months but remain about 5% higher than a year ago, and the vacancy rate sits just under 2%. For landlords, demand is still solid, but tenants have a little more choice than they did a year ago, so pricing and presentation matter more.
The numbers at a glance
Vacancy rate (September 2026): 1.9%. Down from 2.1% in August; up from 1.6% a year earlier.
Vacant rental listings: 1,169. 21% more than a year earlier.
Average asking rent, all dwellings: $686 a week. Up 4.8% over 12 months.
Asking rents, houses: up 4.8% over 12 months.
Asking rents, units: up 5.1% over 12 months, but down 1.5% in September.
Rent change, September quarter: +0.1%. Broadly flat.
Gross rental yield, all dwellings: 4.4%. Houses 4.0%, units 5.5%.
Median dwelling value: $861,744. Down 3.2% over the quarter and 1.6% over 12 months.
Vacancy and asking rents: SQM Research, September 2026. Quarterly rent change, values and yields: Cotality, September 2026.
What's happening
Vacancy is easing, but the market is still tight. A vacancy rate around 3% is often described as balanced, so 1.9% is still a landlord-friendly market. It was 2.1% in August and 1.6% a year ago.
Rent growth has paused. Rents barely moved over the September quarter, even though they're still up 4.8% on a year ago. Nationally, rents rose 0.5% over the same period, so Canberra is growing more slowly than the national average.
Units are softening first. Unit asking rents slipped 1.5% in September, and Cotality also reported unit rents falling over the quarter.
Yields are edging up. With values down 1.6% over the year while rents rose, yields are being pushed up. Units now return 5.5% gross, against 4.0% for houses.
By region: home values over the past year
Weston Creek: $964,513, up 1.3%
Tuggeranong: $867,271, up 0.6%
Gungahlin: $888,562, down 1.0%
Belconnen: $837,042, down 1.1%
Molonglo: $728,353, down 1.6%
South Canberra: $802,469, down 3.8%
Woden Valley: $1,018,637, down 3.8%
North Canberra: $698,134, down 4.4%
Source: Cotality, September 2026. Lower values with steady rents mean higher yields for new investors in those areas.
What it means for Canberra landlords
Price to the market, not last year's rent. With more listings and flat quarterly growth, an overpriced property sits empty, and a few vacant weeks cost more than a small rent difference. A current appraisal is worth getting before re-leasing.
Presentation wins tenants. With more choice, tenants pick the best-presented homes: professional photos, a clean property and quick maintenance responses.
Unit owners should watch closely. Unit rents are softening first. Consider lease lengths that avoid a renewal in the quieter winter months.
Keep good tenants. Replacing a tenant can cost weeks of lost rent plus re-leasing costs. A fair, well-timed rent review within the ACT rent increase rules is often worth more than pushing the maximum.
What's your property worth to rent today?
Jaira's licensed principal gives you a free, local rental appraisal based on current Canberra listings and recent leases, not a generic estimate.
Get your free rental appraisal here
Or call Jugal on 0450 365 365.
Related: Woden Valley rental market update → · ACT land tax guide →
Data: SQM Research via Property Investment Professionals (vacancy and asking rents, September 2026); Cotality Home Value Index, October 2026 (values and yields); Cotality Quarterly Rental Review, 9 October 2026 (quarterly rent change). General information only, not financial advice.