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Rent crisis: Most and least-affordable Aussie suburbs

The least-affordable suburb to rent in Australia may surprise you.

A composite image of people lining up to inspect a rental property and a row of terrace houses in an Australian inner-city suburb.
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.

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

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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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