Adelaide real estate: Full list of cheapest rentals by suburb revealed

Adelaide’s rental prices are still growing even during Covid. Here’s where you can get the best deals amid the hot market.

Adelaide tenants face more hip-pocket pain amid a hot rental market that’s defying the pressures of Covid.

New data from property research firm CoreLogic the median rental price for dwellings was more than 7 per cent higher in July when compared to the same time last year.

Houses lead the growth, with the median price rising more than 8 per cent, while the weekly price of a typical unit grew almost 5 per cent.

CoreLogic’s head of residential research Eliza Owen said stock numbers for houses and units available for rent totalled just 3000 — almost 40 per cent below the five year average, with demand outstripping supply and placing upward pressure on prices.

Ms Owen believed the demand for rentals, particularly in the case for houses, could be attributed to people needing more space to work from home, and interstate migration.

This three-bedroom house at 30 Third Ave, Woodville Gardens, is currently available for $380 a week. Woodville Gardens was found to be among the cheapest places to rent a house within 10km of Adelaide's CBD. Picture: Realestate.com.au

“The other factors come back to income. So where you’ve had less lockdowns across

Brisbane, Adelaide and smaller capital cities, that means that incomes have been less disrupted, which has supported rental growth as well,” Ms Owen said.

She added: “Across South Australia we’re starting to see a positive net internal migration trend as well, after a very long time of net loss in terms of movement.”

CoreLogic data has also revealed where it is cheapest to rent within 10 kilometres of Adelaide's CBD.

Kilburn, where a typical house will set a renter back $412 a week, was found to be the most affordable, while St Marys was the cheapest for smaller homes with a median unit price of $304 a week.

On the other end of the spectrum, Leabrook had the highest median price for houses at $789 a week. For units, it was Kent Town, where the weekly rent for a typical property of this kind was $456.

Renter activity is also on the rise, according to realestate.com.au data.

The figures showed that rental inquiries for Greater Adelaide properties were up more than 12.6 per cent year-on-year in July.

Ashleigh Howard, 28, described going to rental inspections as a “pretty horrible experience, based on the amount of people rocking up”.

“No matter how good your profile and history is, the competition is strong,” she said.

“I have a single income which is safe regardless of Covid, but I’ve only had one call back from a real estate agent after applying for 30 houses.

“I own a house and I’m looking to rent while I build my property, the bank can qualify me for a really good loan but I can’t get a rental.”

Turner Real Estate held an open inspection at a Grange home, where 14 prospective tenants registered to attend. Ashleigh Howard was one of those, and she said that she had looked at over 30 properties without success. 25 Picture: Dean Martin

REA Group director of economic research Cameron Kusher said rental prices in Adelaide and Brisbane had performed well during the course of the pandemic, with middle and outer ring markets proving particularly popular among house hunters.

“What we’re finding the outer capital city markets are very tight; properties are renting very quickly and prices are rising, and it’s a similar story in a lot of the regional areas as well.”

Mr Kusher said the growth was likely caused by people moving out of the city amid the Covid pandemic.

“But I get the sense that some of those people aren’t fully committing to that, because when Covid is under control businesses may want staff to be in the office more frequently, so I guess there’s a reluctance to fully commit. And I suppose people want to try out living in those areas before they fully commit.”

Originally published as Adelaide real estate: Full list of cheapest rentals by suburb revealed