Many tenants would consider $600 a week too expensive for a rental but some are willing to pay thousands to live in luxury Adelaide homes.
The median weekly rent for a house across the metropolitan area is $610 for a house and $520 for a unit, according to latest PropTrack data.
Tenants wanting to live in some of Adelaide’s most prestige homes need much deeper pockets though, with some advertised for upwards of $3000 a week.
Then there’s the bond – think five figures in some cases.
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A Norwood property on The Parade is Adelaide’s most expensive rental property at the moment.
It has two apartments in one, with five bedrooms and four bathrooms.
It’s listed with an asking rent of $3600 per week.
The bond is more than $21,000.
The most expensive rental in SA on realestate.com.au at the moment is a two-for-one apartment on The Parade in Norwood at $3600 per week – or $187,200 a year – with a $21,600 bond.
Others include a Henley Beach residence on the Esplanade, which is listed at $2500 per week with a $10,000 bond, and a historic character home in Urrbrae, which has a $2000 per week asking rent with an $8000 bond.
Giordano and Partners principal Grant Giordano said his agency leased many high-end properties, including one on Brighton’s Esplanade for $2500 per week.
He said properties of that calibre and price point were mainly leased to executives and highly specialised workers whose companies covered their rent while they were staying in Adelaide for a temporary period.
Unlike other rentals, Mr Giordano said the luxury rental market was fairly new in Adelaide.
“Because we’re in uncharted territory, this market hasn’t yet stabilised,” he said.
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A beachfront home on Brighton’s Esplanade is leased for $2500 per week.
It has an epic view of the ocean.
It’s certainly luxurious inside.
It’s in a prime position right near the jetty.
“Historically, the market didn’t exist.
“Traditionally, rentals were pricepoint driven and in Adelaide high quality rental stock wasn’t in the market place.
“It’s much more nuanced – it’s more so crafted around the landlord and very specialised clients.”
Mr Giordano said as Adelaide grew economically and attracted more people from overseas who were willing to pay a high price for a certain standard of living, luxury rentals would become more attractive.
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