Sydney Suburbs where renters could pay $600 more per week

Renters in some Sydney suburbs could soon be forced to pay around $600 more per week as our housing crisis deepens.

Skyrocketing rental prices across Sydney have been laid bare, with some suburbs paying more than $600 extra per week.

Strong demand as well as limited supply continues to drive up prices as well as competition for renters with no reprieve in sight.

The latest data from PropTrack has shown how much these factors are impacting renters, revealing the top 10 Sydney suburbs seeing the biggest increases in median house rents between April 2022 to April 2023.

Hopeful Sydney-siders checking out the Sydney rental market in the Eastern Suburbs. Picture: Jeremy Piper

The top five were in the eastern suburbs with Rose Bay topping the list with a $625 increase, taking the weekly median rent to $2000, followed by Vaucluse with a $500 rise jacking up rents to $3000.

However the highest rent increases weren’t confined to the eastern suburbs.

Homes in Northbridge went up $263 with the median rent up to $1538 per week, while Rosebery also increased $243 per week.

“We are certainly seeing pretty brisk rent growths in a lot of inner suburbs really, in dollar terms in some of those exclusive eastern suburbs homes,” PropTrack economist Angus Moore said.

PropTrack economist Angus Moore said there is no immediate reprieve for Sydney renters.

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“Part of the story there is that they are already very expensive areas so increases are going to be larger.

“We have also seen a lot of strength in inner city markets in the last 12-18 months in a way that wasn’t true during 2020 and 2021.”

When it came to unit rents, inner city areas are also copping the biggest rent hikes.

Haymarket topped the list with a $210 increase taking the median rent to $900 per week.

Zetland had an increase of $170 per week for units, while Rosebery increased $155 per week.

“These inner city areas are close to major universities such as Chippendale, Sydney and Haymarket,” Mr Moore said.

“With return of migration, that’s bringing demand into some of those areas in a way that wasn’t during the pandemic.

The eastern suburbs recorded the highest rent increases.

“Part of the story for some of these areas is also a bit of catch up growth.

“Rents actually fell in inner city Sydney during the pandemic so part of the strong growth that we are seeing here is a bit of catch up but certainly not all of it.

“Rents are growing in excess of where we were pre-pandemic and that’s just down to how tight rental markets are right across Sydney and including in the inner city.”

He said there was “no immediate reprieve” for renters on the horizon.

“Rental vacancy rates across Sydney are very low, they are sitting at 1.6 per cent in April,” he said.

A house in Rosebery currently up for rent for $1200 a week.

This Tumbalong Boulevard, Haymarket, apartment is up for rent for $1250 per week.

“It’s less than half what it was pre-pandemic. In an environment of limited supply and tough competition we probably expect to continue to see rents going up.

“The silver living is we are seeing a bit more in the way of investor activity than we were seeing during the pandemic. There are more investors buying in and fewer selling out which means the rental stock is growing and growing faster than what it has been.

“It is ultimately what’s going to solve limited availability but it’s a slow adjustment that will take a while.”

Some areas of the Central Coast has seen rents decrease due to the strong growth during the pandemic.

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Rents haven’t gone up everywhere with decreases recorded in areas including the northern beaches and Central Coast, with some suburbs reducing as much as $125 per week. Over the past year, rents in Fairlight decreased by $120 while Daleys Point dropped by $125.

“The northern beaches and Central Coast did very well during the pandemic and we are seeing a bit of a pull back in those markets,” Mr Moore said.

“They are not as competitive as they were during the pandemic so some places, particularly some of the Central Coast suburbs such as Forresters Beach … we might be seeing a bit of softness in some of those rental markets as people return to Sydney.”

SYDNEY’S HIGHEST RENT INCREASES

Houses

Rose Bay – $625 increase – median rent $2000 (weekly)

Vaucluse – $500 increase – median rent $3000

Pagewood – $310 increase – median rent $1190

North Bondi – $300 increase – median rent $1800

Queens Park – $300 increase – median rent $1650

North Curl Curl – $290 increase – median rent $1450

Northbridge – $263 increase – median rent $1538

Little Bay – $250 increase – median rent $1400

Collaroy Plateau – $250 increase – median rent $1200

Rosebery – $243 increase – median rent $1090

Open house lines are set to get longer with limited stock and high demand. Picture: Jeremy Piper

Units

Haymarket – $210 increase – median rent $900 (weekly)

Darling Point – $200 increase – median rent $1050

Zetland – $170 increase – median rent $820

Caringbah South – $170 increase – median rent $965

Millers Point – $160 increase – median rent $850

Rosebery – $155 increase – median rent $750

Chippendale – $150 increase – median rent $700

Sydney – $150 increase – median rent $800

Tamarama – $150 – median rent $1050

Matraville – $140 increase – median rent $640

Originally published as Sydney Suburbs where renters could pay $600 more per week