Sydney suburbs with the most affordable rentals near the city

Rent hikes have slowed compared to the previous year and, despite costs still being high, there are bargains to be found.

While rent price growth has slowed in the past year, the cost of renting remains significantly

higher compared with pre-pandemic times.

Renters are facing tough conditions, however, there are still suburbs close to the city with affordable rental properties available.

According to recent data from PropTrack, national weekly rents rose by 7 per cent in the past year, reaching $620 in November. This was just half the growth rate of the prior year, marking a slowdown in market conditions.

In Sydney, the easing is even more apparent. Annual rent growth was only 6 per cent from

November 2023 until November 2024, which was well below the 17 per cent recorded in the same period a year earlier.

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Rent rises have begun to ease across much of Sydney. Picture: Gaye Gerard

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While the slowing of growth offers some relief for renters in our largest city who have had

to endure substantial rent rises, weekly rents are still about 1.5 times higher than February

2020.

Finding an affordable property has become more difficult, but homes in a number of inner-

ring suburbs, those within the closest third in terms of distance to the CBD, still offer

reasonably priced options.

For suburbs within 12kms of the Sydney CBD, Banksia, Ashfield and Rockdale had the

cheapest rental houses, where weekly median rents were $765, $800 and $800 per week,

respectively.

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Long queues outside open for inspections were the norm earlier this year. Picture: Flavio Brancaleone

Campsie and Canterbury were also affordable with median house rents of $800.

Enmore, Campsie and Croydon Park topped the list for the most affordable rental units

among inner-ring suburbs. The cost of renting a unit was $530, $550 and $550 per week

respectively.

Units in Concord West and Petersham had weekly rents below $600 as well.

The increase of rental stock has been one key factor easing rental conditions. Since

November 2023, total rental listings have risen by 7.1 per cent. This is likely due to a return of investors and more people opting to purchase their first home instead of renting.

However, on a historic basis, demand is high and supply remains low.

Rent rises were higher this year in areas popular with students. Picture: Damian Shaw

As cost-of-living pressures mount and rent growth continues to outpace wage growth, more people will seek out cheaper rentals which could result in stronger price increases in budget-friendly areas.

This will further decrease the availability of affordable rentals.

To ensure that all Australians have access to affordable housing, it is crucial that the

government prioritises building more well-located homes to meet the demands of our

growing population.

Originally published as Sydney suburbs with the most affordable rentals near the city