Bad news for local tenants with Canberra still the most expensive city in Australia to rent in.
The latest quarterly rent report from the Domain Group has found Canberrans are paying, on average, $600 a week to rent a house and $500 a week for a unit.
Senior Research Analyst, Dr Nicola Powell said an increase in house and unit prices throughout 2020 has led to the increasing rental costs.
“The growth in unit rents has pushed the price gap further from Sydney with Canberra units now $30 more than renting a unit in Sydney.”
Canberra’s vacancy also continues to fall, sitting at 0.7 percent in March, 14 percent lower than the same time the year before.
Dr Powell said that’s created tight rental conditions in the Nation’s Capital and those looking to secure a lease are going to find it much harder.
“This is during a time Australian expats return, temporary overseas employees extend stays and the city is better placed economically, buoyed by the public sector and industries reliant on government spending.”
It’s expected the competitive rental market will continue in Canberra throughout 2021.