Here’s what you need to know about the average rent in Sydney.
Sydney’s rental market has changed dramatically over the past year, with prices hitting record highs.
If you’re looking to rent in Sydney, today we’re going to talk you through current rent prices, the most expensive and affordable areas, and what’s driving these trends.
Current Rent Prices in Sydney
- Houses: The median rent for a house in Sydney is now $750–$775 per week, the highest in Australia.
- Units: Sydney’s median rent for apartments is $720 per week, reflecting a steady increase over the past year.
The average rent for a one-bedroom apartment in downtown Sydney ranges between $600-$1,200 per week.
These figures continue to rise due to strong demand and limited supply. Learn more about what it’s like living in Sydney.
Most Expensive Areas to Rent in Sydney
If you’re looking in Sydney’s Eastern Suburbs or Lower North Shore, be prepared for high rents:
- Vaucluse (Eastern Suburbs): Median rent for a house is $2,588 per week.
- Mosman (Lower North Shore): Houses average $1,800 per week.
- Premium apartments in the CBD and harbourside suburbs can range from $700 to over $1,200 per week.
Sydney dominates Australia’s most expensive rental market, with nine of the top ten highest-priced suburbs in the country. Read more on why rent is so expensive in Sydney.
More Affordable Areas to Rent
For those on a tighter budget, Western Sydney and South-West Sydney offer the most affordable options:
- Units in suburbs like Cabramatta and Carramar have median rents around $400 per week.
- Houses in outer suburbs like Liverpool or Penrith generally range from $500–$550 per week.
While rents in these areas remain lower than in the city, prices have increased significantly compared to previous years.
Want to learn more? Explore our article on the cheapest suburbs in Sydney.
Why Are Sydney Rents So High?
Several factors are driving rental price increases:
- Low vacancy rates: Sydney’s rental vacancy rate is below 1%, making competition fierce.
- Population growth: More people moving to Sydney has increased demand for rentals.
- Housing supply shortages: Limited new housing developments have tightened the market.
- High interest rates: Investors passing on costs to renters has further driven up prices.
What This Means for Renters
If you’re looking for a rental in Sydney, expect high competition and rising prices. Here are some tips to secure a rental:
- Act fast: Good properties are leased quickly—be ready to apply immediately.
- Expand your search: Consider outer suburbs where prices are lower.
- Be prepared: Have all necessary documents ready to increase your chances of approval.
We’ve got a ton more tips in our guide on how to get a rental in a hot market.
Final Thoughts
Sydney’s rental market is more expensive than ever, with house rents now averaging $750–$775 per week and units at $720 per week.
While prices are highest in the Eastern Suburbs and Lower North Shore, more affordable options exist in Western Sydney and South-Western Sydney.
If you’re looking to rent in 2024, staying informed and acting quickly will give you the best chance of finding a home within your budget.
FAQs on the Average Rent in Sydney
What is the typical bond amount for Sydney renters?
Good question this is. Four weeks’ rent is often the bond amount of rent and interest in rental prices in Sydney. This money, as rent and interest, is a down payment for the house.
It also works as a security deposit kept by the landlord or rental company for the life of the lease.
What expenses are covered by the rent in Sydney?
The cost of leasing a property is normally included in paying the rent in Sydney. The utilities like electricity, gas, and water may not be included in rent in the cities.
In other rental properties, internet or cable may also be included in the cost of the rent. In other homes, tenants may need to set up and pay rent for these services individually.
Are there any short-term rentals in Sydney?
Oh yes! There are short-term rental units in the city centre of Sydney. They are frequently more expensive than the average long-term rental units.
Rentals for a short period in expensive cities are frequently furnished apartment units, houses units or vacation homes units. The average of this can range from a few days to an average of a few months.
How long do most leases last in Sydney?
Sydney leases are typically 12 months long. They can be shorter or longer depending on the landlord and market conditions.
Longer leases, like those of two years, could be a requirement for some landlords.
Some landlords may be fine with shorter leases.
How does renting a house work in Sydney?
You need to present your identity, proof of income and references from past landlords. You could be required to submit a rental application and have your credit checked. You must pay the bond and the first month’s median rent when your rent application is accepted.
