Is Sydney the most expensive city in the world to rent?

SO YOU thought Sydney had the world’s most insane rents? Think again. San Francisco has been named the most expensive city in the world to rent — here’s a look at how Australia’s capital cities compare.

SO YOU thought Sydney had the world’s most insane rents? Not even close.

Take a look at the cost of renting in Sydney and it would be easy to assume the Harbour City has the priciest property on the planet.

However, according to a recently released graphic from financial website Walletwyse, our most expensive metropolis has come in at number 10 on a list of costly places to lease a home.

Sydney came in at number 10. Picture: AAP/Brendan Esposito

At $US2100 ($AUD2833) a month Sydney sits well behind San Francisco, the world’s most expensive place to rent residential property.

The Californian city, which is home to 3.3 million people, has a whopping average rental price of $US3500 ($AUD4,722) a month.

Sydney, with its population of 4.5 million, actually shares its tenth place ranking with another Californian destination; Los Angeles which has 12.3 million inhabitants.

In previous years Sydney has sat high on several international lists for its unafforability, but figures now show that the tides are clearly turning.

San Francisco came in at number 1. Picture: Beausoleil Architects

Data released in May by SQM Research indicated that the rental vacancy rate for Sydney is now 2.5 per cent compared with 1.7 per cent a year ago.

This increase in available homes means asking rents will logically have to take a hit.

On the list of 540 world cities produced by WalletWyse and Numbeo, Australian centres featured high on the list but are still notably cheaper than many US urban centres.

Canberra and Darwin are our next most expensive cities to rent after Sydney, both sitting at number 23 on the global scale with an average of $US1400 ($AUD1889) a month.

Canberra from the air.

Darwin living.

Our “bush capital” and city in the Top End are surprisingly cheaper to rent in than Auckland, New Zealand which averages $US1450 ($AUD1956) a month.

The next local cities to appear are Melbourne and Newcastle coming in at 24 with a $US1350 ($AUD1822) a month rental bill.

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Brisbane is next at number 25 costing $US1300 ($AUD1754) a month which is on par with Shanghai, China.

Perth ranked 26th alongside Wellington, New Zealand at $US1250 ($AUD1687) a month and the Gold Coast follows suit at number 27 with a monthly rent of $US1200 ($AUD1619).

At the lowest end of the scale India dominated with the cheapest rents including Mysore and Vadodara at $US100 ($AUD134) alongside Valenzuela in the Philippines.

San Francisco is the most expensive place in the world to rent.

Where in the world are the most expensive rents?

● San Francisco, USA — $US3500 ($AUD 4722) a month

● Hamilton, Bermuda — $US3400 ($AUD 4578)

● Manhattan, USA — $US3050 ($AUD 4107)

● San Jose USA — $US2500 ($AUD 3366)

● Oakland, USA and Hong Kong, China $US2450 ($AUD 3299)

● Berkley and Boston, USA — $US2400 ($AUD 3232)

● London, UK and Brooklyn USA — $US2350 ($AUD 3164)

● Washington, USA — $US2250 ($AUD 3030)

● Singapore/Geneva, Switzerland/Santa Barbara USA — $US2200 ($AUD 2962)

, Australia and Los Angeles, USA — $US2100 ($AUD 2833)

What’s average for San Francisco, USA?

This new one-bedroom, one bathroom unit without parking near shops and eateries is currently renting at $AUD4722 a month.

Rent in San Francisco for $AUD4722 a month. Source: realtor.com

A house in Turramurra will set you back $AUD2880 a month.

Or a unit in Dulwich Hill for $AUD2800 a month.

Or a house in Bonner for $AUD1900 a month.

Or a home in Stuart Park for $AUD1900 a month.

What’s average for Sydney, Australia?

Turramurra: This three-bedroom home on a big block near popular schools is currently available for approximately $AUD2880 a month.

Dulwich Hill: Or this two-bedroom unit with two bathrooms and parking is on the market for approximately $AUD2800 a month.

What’s average for Canberra?

Bonner: A three-bedroom, two-storey house with a lock up garage within walking distance of shops is listed at approximately $AUD1900 a month

What’s average for Darwin?

Stuart Park: A three-bedroom townhouse with a private courtyard and a two-car lock up garage is on the rental market for approximately $AUD1900 a month.

Originally published as Is Sydney the most expensive city in the world to rent?