Adelaide’s median rent reaches new high
Median weekly rent in Adelaide continues to soar, up by 3.4 per cent since last quarter. Here’s how much it costs to be a tenant now.
Rental woes continue for tenants in Adelaide with new data reporting the median weekly rent has reached a new high.
According to the latest PropTrack Market Insight Report, which releases today, the median rent in Adelaide for all dwellings (houses and units combined) has hit a record high of $450 a week.
The median weekly rents for all dwellings has increased by 3.4 per cent over the September 2022 quarter and 12.5 per cent since last year. It was the second fastest growth of all capital cities after Brisbane.
The median weekly rent in Adelaide was $480 for houses and $390 for units. The weekly house rents were up by 4.3 per cent and 2.6 per cent for units in the past three months, the data reported.
According to the report, over the past year, rents for five-plus bedroom houses ($750) and three-plus bedroom units ($490) had recorded the greatest increase, up by 25 per cent and 14 per cent respectively.
PropTrack director economic research and report author, Cameron Kusher, said Adelaide’s median weekly rents were continuing to rise as there was more demand for rental accommodation than what was available.
“We have had fewer people leaving the state throughout the pandemic, and while there have been new houses constructed, they have largely been for owner occupation,” Mr Kusher said.
“Now that borders were open, we are seeing more people coming back into the state from overseas. We have excess demand and not enough supply, and that will continue to push rents up pretty quickly.
“The way to fix this is to create less demand. One of the ways to do that is to have fewer people migrating to the country or you get more people out of renting and into their own home. State governments are trying to do but it takes time. Higher interest rates has also made it harder for people to take that leap.
“Investor purchasing has slowed down as well.”
Regional SA houses and units had recorded the greatest softening of rents as demand for rentals outside of Adelaide had eased. Rental prices were down by 1.6 per cent, the report noted.
Originally published as Adelaide’s median rent reaches new high