Hardest suburbs to rent in Adelaide: rentals snapped up in 14 days

A low number of listings, surging rents and properties being leased in just two weeks means a challenging time to rent in SA. We reveal the hardest suburbs to find a rental.

If finding a vacant rental property wasn’t hard enough in SA, it’s also become a race against time for renters with properties being snapped up quickly.

Low vacancy and high rental prices are among the many challenges faced by South Australian renters, which have been highlighted in two recently released property reports.

According to REA Group’s quarterly PropTrack Rental Report January 2022, the tightness of rental supply is highlighted by the ongoing decline in new rental listings over the year and the fact that rental properties are sitting on realestate.com.au for a historic low number of days.

PropTrack economic research director Cameron Kusher reported Adelaide rental listings dropped by a fifth in December. Pic: Supplied

PropTrack economic research director Cameron Kusher said that new rental listings in Adelaide have recorded a monthly fall of 21.6 per cent in December.

“With less stock, rental properties are being snapped up in record time,” said Mr Kusher.

While nationally, the median days on site for a rental property was recorded at 21 days in December 2021, in Adelaide it sits at 14 days.

The report also notes that weekly rental prices in Adelaide have risen 1.3 per cent in the three months to the end of December 2021, reaching an average weekly median of $400.

New research commissioned by Well Home Loans has also identified 20 suburbs in South Australia where rents are surging and it’s become impossible to find rentals.

The median weekly rental in Adelaide is $400.

Every suburb on this ranking had only one, two or three vacant rental properties when the research was conducted in December 2021. To qualify as ‘vacant’, a property had to have been advertised for rent for 21 days or more.

The suburbs were then ranked based on the highest change in house rental rates over the previous 12 months.

Of the 20 suburbs, 16 are located in Adelaide and four in regional South Australia.

Well Home Loans CEO Scott Spencer says SA’s rental boom puts investors in control. Picture: Supplied

Well Home Loans CEO Scott Spencer said investors were in a strong position and tenants in a weak position.

“If you’re an investor in a suburb that contains only three vacant rental properties, tenants have to compete hard for your property, which gives you the chance to push up rents,” he said.

“Conversely, if you’re a tenant, life is really tough, because it’s difficult to find accommodation and you know rents are climbing fast.”

Henley Beach recorded only one vacancy over a 21 day period in December 2021. Picture: Supplied

The Well Home Loans report has named Henley Beach South as the worst place in SA to rent in. Asking rental prices there have increased by $175 a week in the past year with just one vacancy available over a 21 day period in December.

Ray White Henley Beach principal Anthony Fahey said the suburb is in great demand both from buyers and renters alike. “It’s all about location. Henley Beach South is one of the most sought-after beachside suburbs,” said Mr Fahey.

“The school zone is equally popular and with the low levels of vacancy, it is indeed tough to rent a home here.”

7/6 Burnley Street, Henley Beach South is currently seeking tenants. Picture: realestate.com.au

For new tenant Sumeet Kaur, who has shifted residence from Sydney this month, the struggle to rent a home started three months ago. “It wasn’t easy so I requested my brother and his friends to help us,” said Ms Kaur.

Having moved into a three-bedroom house in Hope Valley with her husband and two daughters, Ms Kaur said the suburb wasn’t her first choice.

“I was hoping for a beachside home but there weren’t many houses listed. So we decided to look at outer suburbs,” she said.

Prospective tenants – locals and interstate alike – will have to compete hard for available homes in Adelaide’s northwestern suburb of Queenstown which has seen houses leased in just 14 days since being on the market.

Asking rental prices there have increased by $90 a week in the past year.

TOP 20 SA SUBURBS HARDEST TO RENT IN

Suburb, Annual rent rise, Average days on market

1 Henley Beach South, +$175, 15

2 Queenstown, +$90, 14

3 Victor Harbor, +$90, 14

4 Renown Park, +$75, 18

5 Clearview, +$65, 15

6 Strathalbyn, +$60, 14

7 Northgate, +$45, 17

8 Wynn Vale, +$40, 20

9 Rosewater, +$40, 14

10 Nairne, +$40, 13

11 Hallett Cove, +$40, 12

12 Happy Valley, +$40, 11

13 Windsor Gardens, +$35, 18

14 Valley View, +$35, 17

15 Croydon Park, +$35, 17

16 Enfield, +$35, 17

17 Para Hills, +$35, 16

18 Goolwa, +$35, 15

19 Andrews Farm, +$35, 15

20 Royal Park, +$35, 14

(Source: Well Home Loans)