Rent crisis: Most and least-affordable Aussie suburbs

The most affordable place to rent in Australia has been revealed. (Source: Getty / AAP)

It’s no surprise that rent prices have skyrocketed over the past year and, with the problem expected to get worse, many Aussies will be on the lookout for cheaper accommodation.

Surprisingly, the inner suburbs in Melbourne were the most affordable place to live in Australia, according to a recent study by Renovation Capital.

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And, despite striving to provide reasonable rents, Richmond - Tweed was found to be the least-affordable place to rent in Australia.

The 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.

The 10 Most Affordable Places to Rent in Australia in 2023

Area Name	Rank	Capital city and region	Renter Population	Median Weekly Income (AUD)	Rental Value Change sinceMarch 2020 (%)	Median Weekly Rental Value (AUD)	Rent to Income Ratio	Final Score
Melbourne - Inner	1	Melbourne	148,477	$3,256	15.9	$685	21.04	85
Melbourne - West	2	Melbourne	83,503	$2,374	11	$439	18.49	81.6
Australian Capital Territory	3	Australian Capital Territory	52,579	$3,201	14.2	$651	20.34	80.7
Melbourne - Inner South	4	Melbourne	46,866	$3,304	13.9	$702	21.25	79.6
Melbourne - North East	5	Melbourne	48,997	$2,506	12.5	$477	19.03	78.8
Melbourne - Inner East	6	Melbourne	39,521	$3,124	14.3	$652	20.87	78.4
Queensland - Outback	7	Regional Qld	13,034	$2,163	13.2	$362	16.74	77.4
Melbourne - North West	8	Melbourne	35,255	$2,329	12.1	$466	20.01	75.2
Melbourne - Outer East	9	Melbourne	37,021	$2,550	14.9	$529	20.75	74.3
Western Australia - Wheat Belt	10	Regional WA	11,910	$2,049	12.3	$378	18.45	74.2

Melbourne Inner

Melbourne Inner topped the list as the most-affordable place to rent in Australia in 2023, boasting a median weekly rent of $685.

Despite being located in a major city, the rent here is relatively affordable. Residents also enjoy various amenities such as restaurants, bars, and convenient public-transport options.

The 10 Least Affordable Places to Rent in Australia in 2023

Area Name	Rank	Capital city and region	Renter Population	Median Weekly Income (AUD)	Rental Value Change since March 2020 (%)	Median Weekly Rental Value (AUD)	Rent to Income Ratio	Final Score
Richmond - Tweed	88	Regional NSW	26,260	$2,036	30.7	$711	34.92	40
Gold Coast	87	Regional Qld	79,413	$2,315	41.5	$791	34.17	40.5
Sunshine Coast	86	Regional Qld	40,642	$2,217	36	$711	32.08	43.7
Coffs Harbour - Grafton	85	Regional NSW	15,399	$1,888	30.4	$561	29.71	47
Mandurah	84	Perth	10,345	$2,043	44.9	$504	24.67	48.4
Mid North Coast	83	Regional NSW	22,904	$1,796	27.9	$508	28.28	50.4
Sydney - Eastern Suburbs	82	Sydney	47,025	$3,823	30.8	$1,289	33.71	50.9
Bunbury	81	Regional WA	17,243	$2,124	41.3	$525	24.71	51
Western Australia - Outback (North)	80	Regional WA	17,765	$2,899	44.6	$765	26.39	51.2
Moreton Bay - North	79	Brisbane	31,436	$1,979	34.2	$519	26.22	52.1

Richmond, Tweed

Richmond - Tweed was the least affordable place to rent in Australia in 2023. Its average weekly rent was $711. Even though it is located in a regional part of New South Wales, its appealing facilities and scenic landscapes make it a popular choice among tenants.

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