2023-24 NRAS Market Index & NRAS Incentive Figures

The 2023-24 NRAS Market Index and NRAS Incentive figures have been released by the Department of Social Services.

If your property is due for a market rent valuation, the NRAS Market Index (NMI) will not apply in the 2023-24 NRAS year. Your property manager will contact you directly to discuss arrangements for a market rent valuation to be undertaken if required. Alternatively, please contact your AAHS Technical Services Officer if you are unsure whether a valuation is required for your dwelling.

If your property is not due for market rent valuation, your market value rent is assessed against the NRAS Market Index. The maximum permissible rent that can be charged cannot exceed 80% of the market value rent figure.

The 2023-24 NRAS Market Index values for each state are below:


Jurisdiction Percentage change from corresponding quarter of previous year – Dec 2022
Sydney / New South Wales 3.3
Melbourne / Victoria 2.2
Brisbane / Queensland 6.0
Adelaide / South Australia 4.9
Perth / Western Australia 8.0
Hobart / Tasmania 4.7
Darwin / Northern Territory 7.8
Canberra / Australian Capital Territory 6.0


Changes to the market and NRAS maximum rents take effect from the anniversary date of the dwelling, and must be applied in accordance with the applicable state or territory residential tenancies regulations.

Further information regarding the NRAS Market Index can be found on the Department of Social Services website.


The Department of Social Services has also released the 2023-24 NRAS Incentive figures:


2023-24 NRAS Incentive
Contributed by Amount
Australian Government $8,711.48
State/Territory $2,903.83
Total $11,615.31


Further information regarding the NRAS Incentive, including historic incentive payment amounts, are available on the Department of Social Services website.