Could renters finally be in the driving seat? Picture: Phil Williams

Rents across the country were actually down (even if only slightly) over the past quarter according to the latest CoreLogic RP Data’s Rental Index out today.

That means househunters shopping around for their next rental property might just be in the position to negotiate their weekly payments down. That’s right, DOWN.

Unsurprisingly, Sydney was the city with the smallest decrease in rents with a dip of just 0.2 per cent over the three-month period to the end of September while Darwin saw the largest fall in rents which were down by 3.9 per cent.

No real surprises here. Sydney had the smallest dip in rents over the quarter. Picture Craig GreenhillSource:News Corp Australia

All signs point towards a “softening” of rental growth according to Core Logic RP Data research analyst Cameron Kusher.

“The 0.5 per cent rental rates rise over the past year is the slowest rate of rental growth on record based on data which goes back as far as December 1995,” he said.

The reason behind a dip in weekly rents? The research points to the construction boom that is in full swing across most of the capital cities, particularly in Sydney, Melbourne and Brisbane. That, coupled with slowing population growth, low mortgage rates and the heightened level of activity from investors means the rental market is now well supplied.

Melbourne saw the second smallest dip in rent over three months. Pictures: Tim CarrafaSource:News Corp Australia

So, it looks like landlords might be on the wrong side of the fence if rents continue to slip.

“It is clear that the increase in investment stock is providing landlords with little scope to lift rental rates while the low mortgage rate environment provides little incentive to push yields higher,” Mr Kusher said.

CHANGE IN WEEKLY DWELLING RENT OVER THE PAST QUARTER

Sydney $592 — down 0.2 per cent

Melbourne $448 — down 0.3 per cent

Brisbane $430 — down 0.6 per cent

Adelaide $364 — down 0.9 per cent

Perth $459 — down 2.8 per cent

Hobart $336 — down 1.2 per cent

Darwin $532 — down 3.9 per cent

Canberra $490 — down 1.3 per cent

Combined $483 — down 0.7 per cent