Renters could face a hike of over 11 per cent this year, new analysis suggests.

St George economists have forecast that renters might have to make up an extra $10 billion in payments to landlords around the country, due to the Reserve Bank of Australia's ongoing interest rate rises, the Sydney Morning Herald

Pat Bustamante and Jameson Coombs from St George have suggested rents could lift up to 11.5 per cent this year – on top of a 10 per cent jump last year.

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"This is on top of the $5 billion increase in households' 2022 rent bill. This is significant," they said.

"A $10 billion increase in the rent bill of households is equivalent to an average 20 per cent increase in housing costs."

They said people would likely have to pull back on spending to meet higher rental costs – which could slow down the economy.

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Bustamante and Coombs said household consumption could end up dropping by one per cent.

RBA boss Philip Lowe has previously warned mortgage-holders and borrowers that the "full impact" of the repeated interest rate rises – which are meant to slow inflation – had yet to be felt.

It was also revealed yesterday that the RBA this month considered lifting the cash rate by up to 0.5 per cent – instead settling for 0.25 per cent.

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