Top 10 Sydney suburbs for renters on a budget

Renters on an average income could save hundreds of dollars a week by living in these 10 suburbs where rents fall well below the median.

Sydney renters still have affordable options at hand despite properties in the most desirable and cheapest suburbs being rented out fast, a report has found.

Research commissioned by home moving platform HOOD.ai has identified the top 10 Sydney suburbs for renters on an average salary, with weekly rent costing hundreds of dollars less than the current median.

The suburbs to make the list were 10km to 58km from the CBD with a median unit rent ranging from $335 to $375 a week.

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Average household incomes across the list ranged from $1,308 to $2,231, making it possible for renters in these suburbs to put away hundreds of dollars each week for a home deposit depending on other financial commitments.

Weekly rent has dropped $40 at 2/818-826 Canterbury Rd, Roselands.

The south western suburb of Roselands took out top place with a median rent of $335 – a whopping $185 less than the overall Sydney median of $520, based on realestate.com.au data.

The average income there was $1,355, with rent equating to about 25 per cent of this in terms of living cost.

Roselands was also named Sydney’s most tenant-friendly suburb by rental review site Rent Rabbit based on its affordability and socio-economic rating.

Croydon Park on the outskirts of the inner west came second in the list of affordable suburbs with a median weekly rent of $350. This was the most central suburb at 10km from the CBD.

26/154 Croydon Ave, Croydon Park has an advertised rent of $365 a week.

The Penrith suburb of Jordan Springs was third with a median rent of $350. While being further afield at 58km from the city, it matched Oran Park with the highest socio-economic rating in the list (10).

Jordan Springs had an average household income of $2,231, with rent representing about 15.7 per cent of this in terms of living costs.

Other suburbs to make the list were Rosehill, West Ryde, North Parramatta, Penhurst, Narwee and Glenfield, where median rents ranged from $360 to $375.

Vacancy rates in the list ranged from 0.8 per cent in Jordan Springs to 5.9 per cent in Oran Park.

Housing affordability is tough for renters looking close to the city. Picture: Josie Hayden

HOOD.ai founder and CEO Tommy Fraser said while the list showed there were still some affordable options for Sydney renters, the low vacancy rates in most of the suburbs meant properties weren’t staying on the market for long.

“You look to have a vacancy rate of about 3 per cent,” he said.

“That means the investor is getting a good return and the person who is living in it is getting pretty good value for money and potentially not overpaying.”

He said housing affordability was tough for renters looking close to the CBD as well as families looking for space and a garden of their own.

HOOD.ai CEO Tommy Fraser.

“I imagine the demographic of those units are probably one bedroom units and are more for single people or couples moving in for the first time,” he said.

“It does make it tough for people to take that step into a family home to rent in an area that’s desirable without having to pay huge rentals or the equivalent of paying off a mortgage.”

The list was generated by stacking up an average wage of $94,000 a year against all suburbs in NSW and then filtering out those that were further than 100km from the Sydney CBD with a socio-economic score lower than five (the fifth decile, 41-50 per cent).

Suburbs with fewer than three available properties for rent were also excluded from the list.

Families looking for space pay a premium when it comes to renting in Sydney. Picture: Jonathan Ng.

Top 10 Sydney Unit markets for renters

Rank	Suburb	Median weekly rent	Distance to CBD	Average weekly household income	SEIFA socio-economic score	vacancy rate (%)
1	Roselands (Canterbury)	$335	13km	$1,355	5	2.4
2	Croydon Park (Strathfield – Burwood – Ashfield)	$350	10km	$1,597	8	1.6
3	Jordan Springs (Penrith)	$350	58km	$2,231	10	0.8
4	Rosehill (Parramatta)	$360	25km	$1,573	7	3.8
5	West Ryde (Ryde – Hunters Hill)	$370	13km	$1,677	9	2.0
6	North Parramatta (Parramatta)	$370	25km	$1,524	7	1.3
7	Penshurst (Hurstville)	$370	16km	$1,591	8	1.3
8	Narwee (Canterbury)	$370	13km	$1,308	5	1.9
9	Glenfield (Campbelltown)	$375	43km	$1,757	7	1.6
10	Oran Park (Bringelly – Green Valley)	$375	51km	$2,194	10	5.9

Source: HOOD.ai.

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Originally published as Top 10 Sydney suburbs for renters on a budget