Median weekly rents are calculated by the RTA and provide information on typical rents for recently rented 1, 2 and 3 bedroom flats or units, 2, 3 and 4 bedroom houses and 2 and 3 bedroom townhouses in an area.
Median weekly rent data is based on an analysis of information gathered from new rental bond lodgements in each quarter. The data is collected from bond lodgement forms which do not gather information on the condition or age of the property, any inclusions provided or facilities that may be available.
What is a median?
A median is the middle number of a series of numbers that are ordered from smallest to largest. Therefore, fifty percent of rents are above the median while fifty percent are below.
Why does the RTA use a median and not an average weekly rent?
The RTA uses medians rather than averages as medians are not affected by unusually high or low values in a series whereas averages are affected in this way.