Key takeaways
The Australian rental market is exceptionally volatile right now, with renters trying to cope with the rising costs.
Over the past few years, rents have been climbing steadily, creating a crisis that has affected the lives of many Australians.
This rental crisis has started to influence socio-economic issues nationwide.
Surprisingly Melbourne seems to offer the most affordable places to rent, while regional areas are less affordable.
Do you know which area in Australia is truly leading in rental affordability?
Or how your residential area ranks in terms of rent compared to the rest?
It’s old news that rents have skyrocketed over the past year and, with the problem expected to get worse, you may be looking for more affordable accommodation.
Surprisingly, Melbourne-Inner in Victoria was the most affordable place to rent in Australia, while regional areas pose more substantial affordability challenges according to a recent study by Renovation Capital.
On the other hand, Richmond - Tweed was found to be the least affordable place to rent in Australia.
This conclusion was drawn based on multiple factors: the renting population, median weekly income, rental value change since March 2020, median weekly rental value, and rent-to-income ratio.
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Home Price Growth Still Strong Over November | Latest Housing Market Stats
- Also read:Boom to bust: What makes property prices rise and fall
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Sydney property market forecast for 2024
Renovationcapital.com.au evaluated every SA4 area in Australia using these distinct criteria, assigning a maximum score of 100 for each criterion.
These individual scores were then combined and weighted to generate a final ranks for each area.
The data was sourced from the Australian Bureau of Statistics.
Top 50 Affordable Areas to Rent Across Australia in 2023:
| Rank | Area | Median Weekly Rent | 3-year Rent Change | Median Weekly Income | Rent to Income Ratio | Final Score |
|---|---|---|---|---|---|---|
| 1 | Melbourne - Inner | $685 | 15.90% | $3,256 | 21.04 | 85 |
| 2 | Melbourne - West | $439 | 11% | $2,374 | 18.49 | 81.6 |
| 3 | Australian Capital Territory | $651 | 14.20% | $3,201 | 20.34 | 80.7 |
| 4 | Melbourne - Inner South | $702 | 13.90% | $3,304 | 21.25 | 79.6 |
| 5 | Melbourne - North East | $477 | 12.50% | $2,506 | 19.03 | 78.8 |
| 6 | Melbourne - Inner East | $652 | 14.30% | $3,124 | 20.87 | 78.4 |
| 7 | Queensland - Outback | $362 | 13.20% | $2,163 | 16.74 | 77.4 |
| 8 | Melbourne - North West | $466 | 12.10% | $2,329 | 20.01 | 75.2 |
| 9 | Melbourne - Outer East | $529 | 14.90% | $2,550 | 20.75 | 74.3 |
| 10 | Western Australia - Wheat Belt | $378 | 12.30% | $2,049 | 18.45 | 74.2 |
| 11 | South Australia - Outback | $319 | 19.60% | $1,989 | 16.03 | 74.1 |
| 12 | Ballarat | $386 | 15.60% | $2,123 | 18.19 | 73.9 |
| 13 | Perth - Inner | $757 | 30.90% | $3,631 | 20.85 | 73.2 |
| 14 | Melbourne - South East | $498 | 15.90% | $2,283 | 21.81 | 72.7 |
| 15 | Geelong | $476 | 19.40% | $2,395 | 19.88 | 72.2 |
| 16 | Brisbane Inner City | $773 | 28.60% | $3,421 | 22.59 | 71.9 |
| 17 | Adelaide - Central and Hills | $570 | 24% | $2,785 | 20.47 | 71.9 |
| 18 | Townsville | $422 | 20.30% | $2,214 | 19.06 | 71.7 |
| 19 | Victoria - North West | $341 | 19.80% | $1,953 | 17.46 | 71.7 |
| 20 | New England and North West | $368 | 20.70% | $2,025 | 18.17 | 71 |
| 21 | Brisbane - West | $656 | 28.20% | $3,152 | 20.81 | 70.6 |
| 22 | Sydney - Baulkham Hills and Hawkesbury | $769 | 19.90% | $3,275 | 23.48 | 70.5 |
| 23 | Sydney - North Sydney and Hornsby | $994 | 19.80% | $3,743 | 26.56 | 70 |
| 24 | Far West and Orana | $377 | 23.50% | $2,079 | 18.13 | 69.6 |
| 25 | Sydney - Outer South West | $517 | 18.40% | $2,393 | 21.61 | 69.5 |
| 26 | Sydney - Outer West and Blue Mountains | $523 | 21.10% | $2,450 | 21.35 | 69.4 |
| 27 | Sydney - Blacktown | $560 | 20.30% | $2,513 | 22.28 | 69.2 |
| 28 | Bendigo | $421 | 21.40% | $2,157 | 19.52 | 69.1 |
| 29 | Barossa - Yorke - Mid North | $333 | 22.50% | $1,872 | 17.79 | 68.9 |
| 30 | Riverina | $397 | 26.10% | $2,163 | 18.35 | 68.9 |
| 31 | Mackay - Isaac - Whitsunday | $480 | 25.90% | $2,408 | 19.94 | 68.4 |
| 32 | Brisbane - North | $578 | 26.70% | $2,678 | 21.59 | 67.6 |
| 33 | Hume | $405 | 23% | $2,058 | 19.68 | 67.4 |
| 34 | Sydney - Inner West | $823 | 23.80% | $3,262 | 25.23 | 67.4 |
| 35 | Capital Region | $518 | 21.30% | $2,373 | 21.83 | 67.3 |
| 36 | Central West | $422 | 27.70% | $2,194 | 19.23 | 67.2 |
| 37 | Central Queensland | $415 | 32.40% | $2,261 | 18.35 | 67.1 |
| 38 | Latrobe - Gippsland | $398 | 22.60% | $1,981 | 20.09 | 67 |
| 39 | Darwin | $577 | 29.20% | $2,719 | 21.22 | 66.7 |
| 40 | Darling Downs - Maranoa | $342 | 28% | $1,897 | 18.03 | 66.3 |
| 41 | Warrnambool and South West | $416 | 23.40% | $2,059 | 20.2 | 66.1 |
| 42 | Sydney - Ryde | $785 | 23.30% | $3,129 | 25.09 | 65.8 |
| 43 | Brisbane - South | $620 | 27.30% | $2,674 | 23.19 | 65.6 |
| 44 | South Australia - South East | $368 | 22.90% | $1,826 | 20.16 | 65.3 |
| 45 | Moreton Bay - South | $546 | 27.20% | $2,489 | 21.93 | 65 |
| 46 | Sydney - South West | $540 | 18.10% | $2,189 | 24.67 | 64.8 |
| 47 | Sydney - Sutherland | $805 | 22.40% | $3,109 | 25.89 | 64.1 |
| 48 | Shepparton | $392 | 27.50% | $1,967 | 19.93 | 64 |
| 49 | Hobart | $540 | 19% | $2,232 | 24.19 | 64 |
| 50 | Tasmania - West and North West | $374 | 25.20% | $1,846 | 20.26 | 63.7 |
