People looking for rental properties these days are pushing prices up as they fight a shortage of supply and rising demand, but some areas have more homes to choose from than others.
According to PropTrack’s recent data, only 1.58% of the nationwide rental inventory is available for rent. The vacancy rate in metropolitan areas is 1.63%, and just 1.45% in rural Australia.
Affordable rental properties are hard to find in the city centre.Source: Getty
But it’s not all bad news. There are more suburbs available for rent than at the same time last year.
If you’re looking for properties in the Sydney, Melbourne and Brisbane metropolitan areas, more rental properties are available in newer developed suburbs about 45km outside the city.
Seven of the top 20 urban suburbs with the greatest year-over-year growth in available rental properties are in Sydney.
Both are highly developed fields in the last five to ten years.
Top 20 metropolitan areas with more rental properties than 12 months ago
|rank||Suburbs||state||% YoY increase in active listings||Number of listings increased year-on-year||median rent|
|3||Marsden Park||New South Wales||83.80%||67||$683|
|Four||scofield||New South Wales||35.70%||55||$595|
|6||Austral||New South Wales||106.70%||48||$650|
|7||Kellyville||New South Wales||44.10%||45||$720|
|13||repington||New South Wales||105.60%||38||$650|
|14||Edmondson Park||New South Wales||65.50%||36||$600|
|17||box hill||New South Wales||51.50%||34||$700|
Marsden Park, Schofields and Austral have an average of 56 more rentals available than they did 12 months ago.
Clyde North in Victoria and Logan Reserve and Park Ridge in Queensland also have similar options, offering more rentals than in previous years.
These suburbs have excellent amenities and transportation to the CBD and are more affordable than many areas closer to the city center.
This is a similar situation in many regions.
The towns of Orange, Dubbo and Port Macquarie top the regional list, with 144 more rental properties available in Orange compared to last year.
Top 20 neighborhood suburbs with more rentals than 12 months ago
|Suburbs||state||% YoY increase in active listings||Number of listings increased year-on-year||median rent|
|orange||New South Wales||86.20%||144||$500|
|Dubbo||New South Wales||52.70%||77||$420|
|Port Macquarie||New South Wales||43.20%||67||$500|
|Quenbeyan||New South Wales||64.00%||48||$450|
|Broken Hill||New South Wales||111.10%||40||$300|
|tally||New South Wales||44.10%||30||$380|
|Bathurst||New South Wales||31.30%||30||$380|
|Goulburn||New South Wales||23.50%||28||$440|
|Googon||New South Wales||135.00%||27||$750|
|Mittagong||New South Wales||147.10%||twenty five||$600|
|Bowral||New South Wales||66.70%||twenty four||$650|
|charlestown||New South Wales||44.40%||twenty four||$500|
Cuenbianan is only 15km from central Canberra, yet has a median weekly asking rent of $150 less than the capital.
In December 2022, there were 48 more rental properties on the market than the previous year.
The number of rental properties in the local city of Orange in December 2022 increased by 86% from the previous year.Source: Getty
And Armstrong Creek, in the fast-growing city of Geelong, had an additional 81% rental selection.
Inner-city rentals are in short supply and weekly rents continue to rise, but looking further away from the CBD offers more options and potentially lower costs. .