The rental market changes with the seasons and there are specific times and places to search for a property for renters who want value for their money.
REA Group and PropTrack Economist Angus Moore breaks down the "when" of the process of finding the best deals, saying there are more options in January, but a cheaper offer could come a little later.
"January is the busiest time of year in the rental market, with more new listings entering the market than any other month – on average, January has 16% new rental listings in more than a typical month," he said.
Mr. Moore said new rental listings are typically 10% to 20% higher at the start of the year than the monthly average.
"People are looking to move at the beginning of the year and that means they leave their current rental, which brings that rental to market," he said.
"Of course, if rentals come on the market because previous tenants have moved out, we should also see more people looking to move out in January."
However, Mr Moore said the most expensive rentals are usually early in the year, particularly in February.
The best months to find the cheapest rentals are April and May.
It should be noted, however, that listings are generally less plentiful these months, so renters may need to do more research to find a cheap rental.
"That said, finding a rental in May isn't going to bring big savings – seasonality means May rents are on average about 0.9% cheaper than we might otherwise expect," said said Mr. Moore.
"Based on the Australian Bureau of Statistics' estimate of the average weekly rent at $360, this represents a savings of just under $200 over one year."
Tenant-friendly suburbs
A report by RentRabbit.com.au has found the best tenant-friendly suburbs within commuting distance of the central business district.
The quarterly report identified 20 suburbs where tenants can find affordable rents.
Victorian suburbs dominated the latest list, with 15 suburbs topping the charts. Three suburbs in Western Australia and two in Queensland are also on the list.
The ranking suburbs all had a median weekly rent of $405 and are located within 40 kilometers of the CBD.
Top 20 tenant-friendly suburbs
Status
Suburb
Postcode
Distance to the capital
Median weekly rent
VIC
Crossing the Hoppers
3029
37km
$350
VIC
Wyndham Vale
3024
37km
$355
VIC
Derrimut
3030
18km
$380
VIC
Pakenham
3810
74km
$380
QLD
Bellbird Park
4300
23km
$380
VIC
Tarneit
3029
37km
$390
VIC
Epping
3076
34km
$390
VIC
Mountain Park
3082
34km
$390
QLD
Logan Reserve
4133
27km
$390
VIC
Sunbury
3429
33km
$395
VIC
Truganin
3029
37km
$400
VIC
Mickleham
3064
19km
$400
VIC
Craigieburn
3064
19km
$400
VIC
Mernda
3754
34km
$400
VIC
Narré Warren
3805
44km
$400
WA
Prickly
6108
18km
$400
VIC
Marsh of Bacchus
3340
43km
$400
WA
Cannington
6107
9km
$400
WA
Butler
6036
18km
$400
VIC
Tank
3073
11km
$405
Two-speed rental market
Proptrack economist Paul Ryan says the latest round of inflation data from the Australian Bureau of Statistics proves that the Australian rental market is moving in two completely different directions.
"Rental prices in our biggest capitals, Sydney and Melbourne, are falling, but that's a different story in Australia's other capitals and regional centres," he said.
Inflation data showed rents have fallen by 4.2% in Sydney and 2.5% in Melbourne since the start of 2020.
In contrast, rents are rising sharply elsewhere, up from 2.5% to 7.2% since the start of the pandemic.
"Remote work arrangements combined with preference shifts toward space and lifestyle have played a significant role in the cost of rent," Ryan said.
"For many, the extended closures have also tarnished the appeal of our denser cities."
Interestingly, the growth of regional rents has exceeded that of the capitals.
"Regional areas have taken advantage of all the reasons Sydney and Melbourne have fallen out of favor with tenants – more people able to work remotely and wanting more space and lifestyle changes. "
—
Photo by @kindelmedia on Unsplash.
Top Suburbs:
revesby hts
,
flemington
,
Narara
,
mount gravatt
,
root hill
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