It won’t be a revelation to renters, but Canberra is still the most expensive city in the country to rent a property, with the inner north suburb of Campbell coming in as the city’s most expensive.
According to CoreLogic data, renting in the ACT will set you back an average of $633 a week, well above the national median of $485 per week.
The typical unit in the ACT will cost $533 a week while the median house rental price is $690 a week.
As the property market booms, weekly rent in Canberra has gone up by 9.6 per cent compared to an annual national rental rise of 8.9 per cent – the highest growth since 2008.
Across all capital cities, rent increased by 1.9 per cent in the last quarter, but only 1.5 per cent in Canberra.
CoreLogic’s report also listed the 30 most expensive suburbs to rent in.
In the priciest suburb of Campbell, the weekly median rent for a house is $952 per week, followed by Throsby at $890 a week and Wright at $875.
The most affordable suburb to rent a house in was Charnwood, with median weekly rent of $589.
Also featured in the top ten suburbs overall were Garran, O’Connor, Hughes, Farrer, Ainslie, Yarralumla and Curtin.
When it comes to units, the priciest suburb to rent in is Yarralumla where a unit will cost $816 a week, compared to the most affordable suburb of Curtin which will set you back $442 a week.
McIntyre Property’s head of property management Amanda Gordon says rent prices are only likely to increase in the coming months as the sales market booms.
She’s seen firsthand the increase in rents take effect in Tuggeranong, where most of the properties McIntyre Property manages are located. She says the market is only getting tighter.
“As it’s such a good time to sell, we’ve simply got fewer and fewer properties,” Ms Gordon explained.
“The ones we do list, we have people simply tripping over themselves to apply for.”
Low housing supply and high demand means higher prices, she says.
She’s concerned that more investors will take their money interstate without government incentives to reduce land tax on property owners who do choose to rent.
Around the country, Sydney was the second most expensive city at $595 per week, followed by Darwin where a rental property will set you back $561 a week, Hobart at $507 per week and Brisbane and $491 a week.
Melbourne is the second-cheapest rental market, with a typical dwelling costing $450 a week.
The most affordable capital city to rent in is Adelaide with rentals available from $440 per week.
CoreLogic research director Tim Lawless said he expected national rent prices to continue to rise for the foreseeable future.
He believes with only small increases in household incomes, rental affordability in Australia is also likely to become an issue.
“Data to March shows renters were spending an average of 28.7 per cent of their household income on rental payments, which is slightly above the decade average of 28.1 per cent,” Mr Lawless said.
“Rental affordability has deteriorated further from there, which is likely to see more renters looking towards higher density rental options where renting tends to be more affordable.”