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min read

Sydney Market Rental Trends Report

Relocity's rental trends report shows you how the nation’s major rental markets stack up and reveals 2024 pricing trends.

The median rent in NSW is $800 a week for houses and units. Rents increased 7% in the year leading to December 2023.

Sydney is the most expensive city for renters in Australia.

Landlords have faced a lot of pressure to raise rents lately, primarily because Reserve Bank rate hikes and the higher cost of living in general make investment mortgage more expensive. High growth has also made landlords more comfortable passing along outrageous price hikes, given there aren't any restrictions on how much a landlord can raise the rent in NSW.

Additionally, heavy renter competition has left many applicants feeling they have to bid above the advertised price or offer to pay several months’ worth of rent in advance just to secure a rental property, despite prohibitions on rent bidding.

There has also been a limited rental supply, with a rental vacancy rates of 0.8% in February 2024. It is still nowhere near the 'ideal' range of 2% to 3%, or what it was pre-pandemic (>3%) There hasn't been enough construction of new homes, and an influx of new migrants and professionals moving back to the cities has lowered vacancy rates. With tight supply and heated demand, prices naturally rise.

Rental trends will vary between suburbs, so it depends on where you're looking for a place to rent. Unfortunately, the rental market is likely to remain a "landlord's" market for some time. Without more supply, the rental crunch will stay tight and demand-driven until an affordability ceiling is reached – or policymakers intervene.

Apartment Options

Surry Hills

  • $680 weekly

Bondi

  • $970 weekly

Paddington

  • $1,300 weekly

Cammeray

  • $1,650 weekly

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