Adelaide unit rents remain second most affordable in Australia: Domain

Unit rents in Adelaide remain the second most affordable of any Australian capital, recording the strongest annual growth since 2011, according to the June Quarter report from Domain

Adelaide is one of the stronger rental markets of all the major capitals. For those looking to move to the city, securing a lease remains competitive.

It has the second lowest vacancy rate, which has declined and steady asking rents.

June 2020 QoQ change for Adelaide rental prices

“Adelaide asking rents are steady at the record high hit last quarter, at $395 a week for houses and $320 for units. Over the June quarter, house rents held steady in only two cities, Adelaide and Darwin. Adelaide remains the second most affordable city to rent a house and could overtake Brisbane in coming months if rents continue to fall there. Rents remain lower compared to other capitals, but relative affordability is declining for units - prices in Adelaide have recorded the strongest annual growth since 2011. Adelaide offers greater value for money compared to other capital cities. As we resurface from the coronavirus lockdown, it could become a drawcard destination for those seeking affordability.”

“Securing a lease remains competitive because Adelaide has one of the stronger rental markets of all the major capitals. It has the second lowest vacancy rate, which has declined, and steady asking rents. Advertised rentals lifted early in the year, helping to keep rents stable, but stock levels appear to be shrinking again. Investor activity has been subdued in recent years and multi-unit construction targeted at investors constrained compared to other cities. This has helped to limit rental supply,” said Domain Senior Research Analyst, Dr Nicola Powell.