Rents in Adelaide continue to rise during the first quarter of the year, reaching record levels, according to Domain's latest rental market report.
During the quarter, weekly house rents increased from $ 15 to $ 425, while unit rents increased from $ 10 to $ 350. These are the strongest quarterly and annual increases in housing rents since 2009, up 3.7% and 7.6%, respectively.
"Despite rising rents, Adelaide remains the most affordable capital for renters," said Nicola Powell, senior research analyst at Domain.
However, it should be noted that the gap between house rents in Adelaide and Melbourne continues to narrow.
"If the pace of rental growth continues, Adelaide could overtake Melbourne in the coming months," said Powell.
The rise in rents could be due to falling vacancy rates in Adelaide, which has hit a low of 0.6% over several years. Several factors could explain this.
Powell said more and more Australians are moving to South Australia. This is reflected in the number of interstate migration, which has been increasing for two consecutive quarters.
Also, investment activity and apartment building has been moderate in recent years which has limited rental supply.
"Renters will find less choice as the estimated pool of available rentals is down 17 percent from the same period last year," said Powell.
Top suburbs:
greenwood
,
Rockville
,
spearwood
,
Goulburn
,
Glendenning
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