Adelaide has become the most affordable city to rent a home, according to Domain's latest market report.
While house rents in Adelaide rose in December, the pace at which they rose was more subtle than that in Perth, which previously had the cheapest rents. During the month, house rents in Adelaide rose 1.2% to $ 410. In contrast, rents in Perth rose 6.3% to $ 420.
In terms of units, Adelaide remained the most affordable city, with median rents leveling off at $ 340 in December.
Gains in house rents in Adelaide could indicate an already competitive rental market. The market is expected to tighten further as vacancy rates continue to decline.
In fact, Adelaide's vacancy rate in December has declined on an annual basis, from 1.1% to 0.7%, according to the latest data from SQM Research.
"Rental supply has been limited in recent years as investor activity and apartment building has been limited compared to other cities," the report.
Adelaide is less prone to overseas migration, making it less vulnerable to disruption in rental demand. Extending the moratorium on rent increases through the first months of this year would prevent tenants from moving.
The estate report also noted that tourism to South Australia is generated by domestic travelers. This means Adelaide will benefit from a resurgence in domestic travel when borders reopen, boosting demand for short-term leases.
"This could further tighten the long-term rental market," the report said.
Top suburbs:
spearwood
,
Gladesville
,
Rockville
,
Glendenning
,
Wall
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