Despite a decline, Canberra is still the most expensive Capital City in Australia to rent a home.

It follows a trend across the country, which saw the rental market only grow two per cent in the December quarter.

In the latest quarterly report by CoreLogic, this is being attributed to a seasonal lift in rental stock combined with affordability constraints.

While Canberra remains the most expensive capital, rent values have fallen in the territory by 1 point 1 per cent since peaking in June.

CoreLogic predicts population dynamics relating to migration trends are creating variations across capital city rental markets.

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