Sydney rents fall to 2015 rates

Good news for Sydney renters. Image: Getty

Sydneysiders renting units are enjoying the cheapest rates since 2015 as new apartment construction has pushed prices down.

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The median unit rent is $510 a week, around $40 less than their peak price in 2017-18, while Sydneysiders can rent houses for $525, around $25 cheaper than that 2017-18 peak, the Domain Rental Report for the December 2019 quarter has revealed.

While Sydney is still the most expensive place to rent a unit, Canberra rents are creeping higher, with the median weekly asking price $480 - up 2.1 per cent over that quarter.

For houses, the median rent is even more expensive, at $580 a week.

Here’s how much it is to rent in each capital city

Median rents per week. Source: Domain

Sydney, Melbourne and Darwin were the only cities to see rental rates for houses fall over the course of 2019, while rates increased in Adelaide, Perth, and Canberra.

Hobart saw a huge jump in rental prices, up a staggering 9.5 per cent over 2019 from $420 to $460.

Hobart also saw asking rates for units jump, up 7.9 per cent. Rental rates also increased in Canberra, Perth, Adelaide, Brisbane and Melbourne.

Sydney saw rental rates for units fall 3.8 per cent, while Darwin saw rates drop 2.5 per cent.

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