Adelaide’s rental market remains one of the tightest in the country with the average tenant paying $55 more than they did a year ago.
PropTrack data shows the median advertised rent in Adelaide rose by 1.8 per cent in the September quarter to reach $580 a week.
This marked a 10.5 per cent rise from September 2023, meaning weekly rents are now on par with mortgage repayments on a $400,000 home.
It’s also the second-largest annual increase in rent prices of all capital cities after Perth, where the median rental price rose by 12.1 per cent to $650 in the September 2024 quarter.
Regional SA, meanwhile, saw the greatest quarterly growth of all markets for both houses and units, with median advertised rents rising 5 per cent, or $20, for houses and 3.3 per cent, or $10, for units.
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Source: PropTrack
Nationally, the growth trend appears to be softening, with rents across all capital cities increasing by 7 per cent year-on-year – the weakest annual rental growth since September 2021.
PropTrack director of economic research Cameron Kusher said the data spelled some positive news for Aussie renters.
“While the cost of renting remains higher than a year ago, the pace of price growth has slowed,” he said.
“This reflects an easing of rental market pressures, which we expect to continue.
“With more stock available for rent, and the cost of renting rising at a pace above inflation over recent years, the capacity to pay rent is now impacting demand.
“Although the pace of rental growth is slowing and more stock is available for rent, supply remains low. However, we anticipate more balanced conditions in the coming months.”
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