Perth remains cheapest capital in country for renting a home

April 22, 2018 by  

Following the first rental cost increase in five years, Perth has still managed to retain its title as the cheapest Australian capital city in which to rent a home.

According to a recently released report from Domain, the current median rent for houses and units in Perth sits at $355 and $300 per week, respectively. The report also indicates that the median home rental prices in Perth has experienced an increase of 1.4% in the March quarter, but the overall cost of house rental is still 4.1% cheaper compared to a year ago.

Other capital cities in Australia such as Hobart and Adelaide, which have always been popularly known as the cheapest cities to live, now have a more expensive rental market compared to Perth.

Being the most expensive capital city in Australia for renting a house, Sydney has a median weekly house rental price of $550. Unit rentals are the most expensive in Canberra, sitting at the median price of $450 per week.

According to a report by the REA Group, there was a 5.7% decline in WA property prices over last year, while there was a 7% increase in the demand for homes. The report also stated that the increase in demand may result in a rental prices rise in 2018.

As the demand in houses goes up, people are facing increasing competition to secure a suitable house in their preferred location. Those who are facing issues in finding a suitable property to rent should look out for local estate agents’ business cards.