Where you can lease an Adelaide rental property at 2020 prices

Rents have skyrocketed across Adelaide over the past five years – so much so that prospective tenants wouldn’t be able to lease a house in any suburb at their 2020 prices.

Latest PropTrack figures show the median weekly asking rent for a house has climbed from $400 in August 2020 to $600 today.

There are currently no suburbs across the metropolitan area with a median weekly rent for houses below $400, according to the data.

The closest is Munno Para West with a median of $550 per week.

Those looking to secure a unit have a slightly better chance, with just five suburbs that have a median weekly rent below the $350 asking price recorded in August 2020.

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Latest PropTrack data shows the median weekly rent for a house has climbed from $400 in 2020 to $600 today, and from $350 to $515 for units during the same period.

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Hampstead Gardens, Edwardstown and South Plympton each had a median asking rent of $300 per week, while Plympton and Glandore’s stood at $325.

Greater Adelaide’s median weekly asking rent for a unit is now $515.

Ray White SA chief executive Matt Lindblom said while renting had become much more expensive in recent years, prices were no longer rapidly rising.

“I do think it’s got better but slowly,” he said.

“It will get better a lot quicker in the apartment/unit/medium density area than houses.”

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Ray White SA chief executive Matt Lindblom.

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Mr Lindblom said limited available land to build large homes and the construction of several units and townhouses on properties that once had one house would impact rental prices.

“It’s still getting better but to get to a point where demand and supply are equal … that’s years away still,” he said.

Developments like the one at Tonsley were part of the solution, he said.

“That’s the solution for people who want to buy or rent, that’s the only way we can do it in a timely manner,” he said.

While bigger homes with large backyards have traditionally been the preferred form of housing in SA, Mr Lindblom said that was changing.

“Your adults now are very comfortable renting in an apartment or unit,” he said.

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Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin

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Turner Real Estate chief executive Emma Slape said her agency had noticed prices stalling, even falling in some cases, as people’s budgets started to “max out”.

“We’ve definitely found that the market has slowed down considerably,” she said.

“Affordability has really, really tightened in recent years and people are stretched.

“We’re definitely getting the feedback from the market that it’s hit the top, we’re definitely starting to see the market reach an equilibrium.”

Ms Slape said properties advertised with rents below $500 per week were in very high demand but those above that threshold, particularly $650 per week and higher, were less appealing.

She said prospective tenants were more picky with their options and some were even moving out to find cheaper alternatives.