Affordable rentals Australia: How does your state measure up?
Looking for affordable rentals? Australia’s rental market differs significantly from state to state.
We’ve examined data from two reports: Rental affordability hits 11 year high: report and Reflecting Australia – Stories from the Census, 2016. Find out how your local market measures up.
Affordable rentals Australia: the data
The table below offers an insightful snapshot of Australia’s rental affordability by state.
1. Real Estate Institute of Australia’s Rental affordability hits 11 year high: report
2. Australian Bureau of Statistics’s Reflecting Australia – Stories from the Census, 2016
In summary, what it shows is this:
- ACT and NSW boast the highest rental prices but are not the most expensive relative to median income
- ACT appears to offer one of the cheapest rental markets, but rental costs are the highest in the country
- TAS has the highest rental costs relative to median income
- WA offers the most affordable rental market
Rental markets in Australia
Affordable rentals NSW
7.5 million Aussies call New South Wales home, with more than 4.6 million residing in the state’s capital, Sydney. NSW boasts the second-highest rental costs in the country at $185.92. And with a median income of $664 per week, NSW’s tenants are forking out 28 per cent – almost one-third – of their income on rent.
Affordable rentals VIC
In terms of rental affordability, Victoria is middle-of-the-road. Average rent is lower than its northern neighbour at $148.12 per week. Although median incomes is also a little lower at $644, VIC’s renters are left with more disposable income.
Affordable rentals QLD
In Queensland, median incomes are relatively high, and average rental costs are relatively low. Bringing in $660 a week and paying $144.54 in rent leaves QLD’s tenants with almost 80 per cent of their income.
Affordable rentals SA
Rentals in South Australia saw the most significant drop in price in the last quarter – the state now boasts the second-lowest rental costs in the country at $132. Despite this, SA remains the fourth most expensive state for renters relative to the median income.
Affordable rentals WA
Western Australia renters – your state is the cheapest. Median incomes are high at $724, and rental costs are low at $118.74. WA’s tenants are spending just 16.4 per cent of their pay on rent, leaving them with more than $600 of disposable income.
Affordable rentals TAS
Tasmania has the highest-cost rental market. The state’s renters are forking out 29.9 per cent of the income – which is the lowest in Australia at $573 – on rent. Rental returns are greater than housing affordability, and with these figures in mind, Tasmania may offer significant investment potential.
Affordable rentals NT
Last year (2018), rental costs in the Northern Territory dropped a staggering 2.4 per cent, more than anywhere else in the country. The average cost of a rental property per person per week is now $175.94. NT’s residents bring in the second-highest income in the country at $871, making the state an affordable option for renters.
Affordable rentals ACT
The country’s capital may, at first, look like one of the most affordable places to rent in Australia, with tenants spending just 18.9 per cent of their pay on rent. But the ACT boasts the highest median income of any state at $998 – and the highest rental costs at $188.62.
Find affordable rentals in your local area
If budget is a top priority, check out affordable rentals in your local area today. Get one step ahead of other tenants by contacting agents, property managers, and private owners direct.
Wherever you are in Australia, RentEzy will connect you to a property that ticks all of the boxes.