Ray White Carrie Bradshaw Index: Victoria’s most affordable suburbs to rent as a single tenant revealed

Victoria’s biggest real estate agency has released their “Carrie Bradshaw Index” revealing the most affordable places for solo tenants to rent across the state. SEE WHERE.

Sarah Petty

2 min read

October 14, 2024 - 10:17AM

Ray White has released their Carrie Bradshaw Index.

Victoria’s biggest real estate agency has released their “Carrie Bradshaw Index” revealing the best suburbs for single Charlottes, Samanthas or even Mr Bigs to rent a home.

Ray White data has highlighted the best areas for bachelorette and bachelor tenants to get a roof over their head without burning their budget for a new pair of Manolo Blahniks.

The real estate agency compared the median weekly income of singles living in each Victorian suburb with what it costs to rent a unit for less than 30 per cent of their earnings.

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Just 40 suburbs of 230 assessed areas in Melbourne made the cut, compared to 28 out of 106 across regional Victoria.

Kingsville, Burnley and St Kilda West were deemed the most affordable for lone renters in the city, who would have to put aside less than 22 per cent of their income for their lease commitments.

For the fictitious Carrie Bradshaw, who online estimates suggest earned about $55,000 (US) a year, or about $82,000 (AUD), an affordable rental would have been a necessity.

But independent tenants should steer clear of Meadow Heights, Dallas and Springvale South where a standard unit would chew through as much as 60 per cent of the average local single’s salary.

2/236 Canterbury Rd, St Kilda West, is listed for rent.

The two-bedroom apartment can be leased for $595 a week.

Ray White chief economist Nerida Conisbee said Melbourne was a more affordable place to be a single tenant, relative to the rest of the nation, as there had been a lot of apartment development in recent years and the city’s average income was relatively high.

“The key finding really was that renting on your own is really only something that you can do if you earn a lot,” Ms Conisbee said.

“It obviously has become harder and it is why people are moving in together or they’re not leaving home.”

She added that while sharehouses tended to be okay for young renters, the challenge was for older tenants who might not feel comfortable living with others.

Rental Search Australia co-founder Jade Costello said, as a tenant advocate, the top suburbs she tended to direct her solo clients to were Richmond, South Yarra and Brunswick because of their accessibility to the city and access to plenty of amenities.

The two-bedroom apartment at 10/75 Kingsville St, Kingsville can be leased for $450 a week.

However, Tenants Victoria chief executive Jennifer Beveridge said for many single tenants Melbourne’s rental market was far from the whimsical world of New York’s streets portrayed in the hit show Sex and the City.

“Just this week a single mother was literally crying into the phone with one of our workers because her monthly rent had gone up 20 per cent in one swoop,” Ms Beveridge said.

“She was relying on Centrelink income while studying to support herself and her son.

“This scenario is not exceptional. Single renters on low and moderate incomes are among those who are facing deep challenges in the rental market right now.”