Canberra’s rental prices continued to rise last quarter, with the national capital now having the most expensive rents of any capital city in the country, according to CoreLogic’s Quarterly Rental Review for September 2021.
The median rental average for all dwellings in Canberra sits at $633 per week, representing an increase of 1.5 per cent since the previous quarter.
The average cost of renting a home in Canberra is $690 per week, while a unit costs $533 per week on average.
In comparison, the average price of renting a home in Sydney has risen to $661 per week and in Melbourne it’s $487 per week, around $200 less than in Canberra.
The most expensive suburb in Canberra to rent a home is Campbell, which sits at a median weekly price of $952, while the most affordable is Charnwood at $589.
For units, the most expensive suburb to rent is Yarralumla, where the median weekly rent is $816 compared to $442 in the most affordable suburb, Curtin, next door.
The national rental index increased by 1.9 per cent during the September quarter, and the rental rates are 8.9 per cent higher year-on-year, representing the highest annual dwelling rental price growth since July 2008.
CoreLogic’s research director Tim Lawless said the lack of supply and desire for detached housing are influential factors in the rental price growth.
“Renters are clearly looking for lower density housing options, with house rents rising at more than double the pace of units rents over the past year. However, this trend is starting to narrow, with national house and unit rents rising at the same rate over the September quarter (1.9 per cent),” Mr Lawless said.
“Another factor that may be contributing to rental demand is that more renters are working from home, which could be driving a trend towards smaller rental households as tenants look to maximise their space and working environment during Covid.”
Top 10 most expensive suburbs to rent in Canberra (median value)
| Suburb | Property type | Median rent |
| Campbell | Houses | $952 |
| Throsby | Houses | $890 |
| Wright | Houses | $875 |
| Garran | Houses | $834 |
| O’Connor | Houses | $829 |
| Hughes | Houses | $821 |
| Farrer | Houses | $819 |
| Ainslie | Houses | $818 |
| Yarralumla | Units | $816 |
| Curtin | Houses | $801 |
Top 10 most affordable suburbs to rent in Canberra (median value)
| Suburb | Property type | Median rent |
| Curtin | Units | $442 |
| Hawker | Units | $447 |
| Scullin | Units | $449 |
| Lyons | Units | $464 |
| Phillip | Units | $489 |
| Belconnen | Units | $491 |
| Gungahlin | Units | $494 |
| Franklin | Units | $497 |
| Harrison | Units | $498 |
| Ngunnawal | Units | $503 |
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