The housing crisis in south-east Queensland is getting so bad some tenants are finding, even with rising interest rates, a mortgage would be cheaper than renting.

The problem is many simply cannot raise a deposit to take that first step onto the property ladder.

The latest property data from research firm CoreLogic reveals Brisbane has recorded a 3.8 per cent rise in housing rents in the three months to the end of September — the highest rise of any Australian capital city.

As Brisbane continues to face record low vacancy rates, rents have risen by 13.5 per cent statewide in the past 12 months.

CoreLogic research director Tim Lawless said that equates to about a $68 a week increase for a typical rental dwelling, or $3,536 annually.

"Clearly this is causing some rental distress, we are seeing household incomes not rising anywhere near this much," he said.

"We are seeing it become affordable to actually purchase a home even though interest rates are going up because rents are rising this quickly.

He said the pace of growth had eased slightly from the previous quarter, but regional centres such as Logan/Beaudesert (4.75 per cent), Ipswich (4.6) and Moreton Bay – North (4.4) were still facing record rises.

Year-on-year, Logan/Beaudesert and Ipswich rent rises also outstripped Brisbane with growth of 16.5 per cent, with Moreton Bay – North close behind at 15.3 per cent.

Those places also have vacancy rates below 1 per cent.

The combination of higher interest rates and a shortage of stock is putting enormous pressure on those who cannot afford to buy.

Easier to buy, with help from mum and dad

Longtime tenant Nick Rusis has finally leapt off the rental merry-go-round with help from the bank of mum and dad.

After years of renting in share houses with up to seven other people, he and his sister got a break by moving into an apartment their parents owned — meaning a private rental deal with no agent fees.

The lower rent helped him in his longer-term plan to save a deposit to buy a property.

"Our living arrangement was never a permanent situation, as my parents are retired and this property is tying up money that they have to fund their retirement," he said.

"We were paying rent at market rate minus the real estate fees — it would have made saving for a deposit so much harder had we not had that benefit."

His parents also kicked in for that, meaning he was able to avoid paying mortgage insurance for a house at West Ipswich that cost about $650,000.

Mr Rusis will move into the house with his co-owner and partner Chloe Murdoch early next month.

"For us, no longer having to save a deposit and pay rent will make everything much easier," he said.

"Friends of ours are having their rents go up by $100 a week when renewing their lease, that being said the entire Springfield area has been getting progressively more expensive rent wise even before the interest rates went up.

"It is going to be a surreal feeling, it was an emotional roller-coaster for us," he said.

"When we first entered the market in December last year, when you went to inspections there was upwards of 40 to 50 people in half an hour.

"It felt like you were in a mosh pit, very uncomfortable and stressful.

"But as soon as the first interest rate rise came, we noticed straight away the actual number of people showing up to inspections dropped down to about four or five and we could actually breathe and take our time to find a place."

'Everything is maxed out'

Ipswich real estate agent June Frank said rents just keep rising.

"If [tenants] can't wear an extra $100 or $200 a week, landlords are saying, 'You have to get out'," she said.

"But there is nowhere to go.

"It is terrible — I have had my office for 22 years and I have never seen anything like it, I have never seen the amount of homeless people under bridges and in car parks that I see now.

"Everything is maxed out. I have parents ringing me saying, 'June I have known you for years , we have got to get the kids into somewhere' and I say, 'Bad luck there is nothing'."