Sydney rents hit record high: astonishing amount renters are now paying per week
High demand and limited supply have continued to raise rental prices across Sydney, with the market recently hitting an unprecedented milestone.
Renters in Sydney continue to feel the pinch as new data reveals prices have risen to a record high.
The latest PropTrack Market Insight report found that the median rental price in Sydney now sits at $560 per week.
The figures include data for all rentals across the Greater Sydney area, including the Central Coast and Blue Mountains.
House rents increased by five per cent over the calendar year and now average $630 per week.
PropTrack director of economic research and report author Cameron Kusher said units experienced a six per cent increase over the same period. Median rent on units is now $530 per week.
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“The moderation in rental price growth will be something to watch over the coming year. Demand for rental stock remains heightened and supply continues to be limited, however rental vacancy rates have steadied over recent months,” Mr Kusher said.
“Rents in Sydney are now the highest they’ve ever been and we’re expecting them to continue to increase over the next quarter if the trend continues.
“Its being driven by both domestic and international workers seeing job opportunities in Sydney and Melbourne, but also the scarcity of new supply on the market.”
Regional NSW fared a little better, with rents remaining unchanged over the quarter sitting at $480 per week.
Rents in regional NSW rose 6.7 per cent year-on-year in December.
“We expect rental prices will continue to grow in the capital cities over the coming months, while the prospects for further rental price growth regionally appear to be rising.”
“A lot of workers have been asked to come back into the office full time, so many previous renters that went into regional areas during the pandemic are beginning to shift towards the capital cities.
“The pandemic also saw renters avoiding units in favour for larger spaces to work from home, however units have come back into fashion as they provide a more affordable alternative to houses.”
The report found Sydney and Melbourne were the only markets across the capital cities which saw rents rising, with Perth recording the largest falls.
National house rental price growth had fallen between 2021 and 2022 from 8.1 per cent to 7.5, with units growing by 9.5 per cent in the same time frame.
Originally published as Sydney rents hit record high: astonishing amount renters are now paying per week
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