Sydney’s cheapest suburbs to rent: See the full list

Rent prices in some of Sydney’s ritziest suburbs have plunged by more than 30 per cent during the coronavirus pandemic. Read our top list of house and unit price falls and grab a bargain.

• Sneaky HSC students could call in sick to lift exam scores in COVID
• Council BMX bandits stick to their guns despite opposition

Rent prices in some of Sydney’s ritziest suburbs have plunged in the past nine months with the latest data recording falls of more than 30 per cent around the eastern suburbs.

Units in Rushcutters Bay have dropped from $600 on average to $400 a week between January and September, new RealEstate.com.au data reveals.

Double Bay units fell from an average of $973 in January to just $650 last month while units in Edgecliff dropped from $690 to $475 a week over the same period.

The Rental Specialist managing director Jo Natoli said freestanding houses around the city have been more resilient to market changes, with people looking for more space if another lockdown should occur.

But rents in areas dominated by international students have seen big falls with rents for houses dropping on average from $660 to $475 in the inner west suburb of Ashfield while homes in Penshurst fell from $600 to $470.

Rent prices in some of Sydney’s ritziest suburbs have plunged in the past nine months.

“It is a tenants’ market right now, they are taking advantage, they’re upgrading by finding better properties with less rent,” she said.

“We have a massive oversupply of units — especially those who came off the AirBnb market and onto the private rental market,” she said.

She told The Daily Telegraph freestanding houses around the city were getting snapped up quickly by tenants because they wanted more space in case the government imposed more coronavirus restrictions.

“Houses are moving quicker, I don’t have any houses at the moment on my books, but I have units in Surry Hills and the City which have been on the market for over a month,” she said.

Biggest rental drops in Sydney units:

Kathleen Hewitt, 36, signed a 12 month lease on a Centennial Park apartment last month with a $100 discount after shopping around.

She went from living in a shabby unrenovated unit in Coogee to a spacious Centennial Park apartment for just $500 a week.

Kathleen Hewitt got a bargain when she scored an apartment with city views at Centennial Park for just $500 a week. Picture: Sam Ruttyn

“You can definitely get more bang for your buck, there is an opportunity right now to secure a higher standard of living while the market is down.”

RealEstate.com.au manager of economic research Cameron Kusher predicted that rents would remain low for at least the next three years because of the absence of migration.

“Units have come off Airbnb, they are undercutting the market and dragging the overall price of renting down,” he said.

“If you look at the (federal) budget papers, migration is going to take a long time to recover from this, if it ever recovers, and I think the rebound in rents will be quite slow.”

He said government assistance programs like Homebuilder was also reducing the number of people seeking to rent while other build to rent programs coming into the market would further lift supply.

“It is going to be quite a long time before we see rental rates recover,” he said.

In trendy Balmain NSW, house rents fell from $900 in January to $740 in September.

Sydney houses -- suburbs with the biggest price falls:

Ashfield NSW

Jan: $660

Sept: $475

Percentage change: -28%

Penshurst NSW

Jan: $600

Sept: $470

Percentage change:-22%

Alexandria NSW

Jan: $910

Sept: $720

Percentage change:-21%

Wahroonga NSW

Jan: $1,250

Sept: $990

Percentage change: -21%

Homes in Penshurst fell from $600 to $470.

Kingsford NSW

Jan: $950

Sept: $765

Percentage change: -19%

Redfern NSW

Jan: $860

Sept: $700

Percentage change: -19%

Stanmore NSW

Jan: $890

Sept: $725

Percentage change: -19%

Balmain NSW

Jan: $900

Sept: $740

Percentage change: -18%

Yagoona NSW

Jan: $520

Sept: $430

Percentage change: -17%

Lidcombe NSW

Jan: $610

Sept: $505

Percentage change: -17%

Units in Rushcutters Bay have dropped from $600 on average to $400 a week.

Sydney units -- suburbs with the biggest price falls:

Rushcutters Bay NSW

Jan: $ 600

Sept: $ 400

Percentage change: -33%

Double Bay NSW

Jan: $ 973

Sept: $ 650

Percentage change: -33%

Edgecliff NSW

Jan: $690

Sept: $475

Percentage change: -31%

Lilyfield NSW

Jan: $650

Sept: $465

Percentage change: -28%

Lindfield NSW

Jan: $ 695

Sept: $500

Percentage change: -28%

Units in waterside Double Bay fell from an average of $973 in January to just $650 last month.

Milsons Point NSW

$885

$675

Percentage change: -24%

Pyrmont NSW

$ 740

$ 570

Percentage change: -23%

Waverley NSW

$ 730

$ 565

Percentage change: -23%

Forest Lodge NSW

$ 680

$ 530

Percentage change: -22%

Rozelle NSW

$ 665

$ 528

Percentage change: -21%