Australia's rental prices have reached a new record high, breaking through the median $600 a week barrier for the first time.
The average household now needs to spend 31 per cent of its income to pay the median rent, up from 26.7 per cent in March 2020.
With many households struggling to pay the rent, here's the latest data from CoreLogic that looks into the cheapest rental suburbs in each capital city.
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What is the median weekly rental payments per capital?
Before we dive into the affordable rental suburbs, let's take a look at the median weekly rent across each capital city.
Sydney remains the most expensive Australian city, at $745, while Hobart is over $200 cheaper at $535.
- Sydney ($745)
- Canberra ($651)
- Perth ($630)
- Brisbane ($627)
- Darwin ($611)
- Melbourne ($565)
- Adelaide ($565)
- Hobart ($535)
How do these numbers compare to each cities' cheapest suburbs?
Let's take a look.
Greater Adelaide
Greater Brisbane
Greater Canberra
Greater Darwin
Greater Hobart
Greater Melbourne
Greater Perth
Greater Sydney
Will rental price growth slow anytime soon?
CoreLogic head of research Eliza Owen said the pace of annual rental growth was slowing.
"While annual growth in rents is higher than historic averages, it has broadly slowed," Ms Owen said.
"In 2023, rent values rose 8.3 per cent, down from a peak of 9.6 per cent in the year to September 2022.
"The continued increase in investment lending, a normalisation in net overseas migration and the potential for a cash rate reduction could all contribute to a slowdown.
"However, in the short term, the burden largely remains on tenants to secure cheaper housing."
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