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What a typical rent gets you in YOUR city as the cost of living skyrockets

Renters are paying $700 a week for one-bedroom units with no car space, as new data reveals how much the cost of rent has skyrocketed in Australia.

Sydney’s median rent soared 28.4 percent to $695.81 a week for 12 months, making it Australia’s most expensive capital market, data from SQM Research shows.

One-bedroom units with no car space advertise for $700 a week in Bondi, but this is entry-level in Sydney’s famed beachside suburb, where $1,008.93 is the average rent for an apartment.

Ryde, in North Sydney, is more of a typical Sydney suburb when it comes to rent, with a median cost of $666.76 between houses and apartments.

Rents Have Risen So Much In Some Cities Over The Past Year That Renters Are Paying $700 A Week Just For A One-Bedroom Unit With No Car Space (A One-Bedroom Unit In Bondi In Eastern Sydney Is Pictured)

Rents have risen so much in some cities over the past year that renters are paying $700 a week just for a one-bedroom unit with no car space (a one-bedroom unit in Bondi in eastern Sydney is pictured)

Ryde, In North Sydney, Is More Of A Typical Suburb When It Comes To Rent, With A Combined House And Apartment Rent Of $666.76.  A Three-Bedroom House (Like The One Pictured) Has A Median Rental Price Of $703.13 Per Week

Ryde, In North Sydney, Is More Of A Typical Suburb When It Comes To Rent, With A Combined House And Apartment Rent Of $666.76.  A Three-Bedroom House (Like The One Pictured) Has A Median Rental Price Of $703.13 Per Week

Ryde, in North Sydney, is more of a typical suburb when it comes to rent, with a combined house and apartment rent of $666.76. A three-bedroom house (like the one pictured) has a median rental price of $703.13 per week

A three-bedroom house in Ryde has a median rental price of $703.13 per week.

But across homes of all sizes, the median rent in Ryde rose 34.1 percent to $771.72 a week over the past year.

Unit rents jumped 30.8 percent in the year through December, reaching $623.84 this week.

Rising rental prices come as the return of international students has boosted demand for houses and apartments in Australia’s biggest cities, leaving renters with fewer options.

A year ago, when Australia was still closed to international students, Canberra was Australia’s most expensive rental market, but now that has changed.

Canberra’s median rent is now $641.95, after an increase of 5.9% in the year to November 12.

That kind of rent would be enough to rent a three-bedroom house in Belconnen, where $640.11 is the median rent for that type of house.

Brisbane is now Australia’s third most expensive capital rental market with a median weekly rent of $572.40, following a 24.5 per cent year-over-year increase.

Brisbane Is Now The Third Most Expensive Capital Rental Market In Australia With A Median Weekly Rent Of $572.40, After A 24.5% Year-Over-Year Increase (Pictured, A Mount Gravatt House Offering For $550 A Week)

Brisbane Is Now The Third Most Expensive Capital Rental Market In Australia With A Median Weekly Rent Of $572.40, After A 24.5% Year-Over-Year Increase (Pictured, A Mount Gravatt House Offering For $550 A Week)

Brisbane is now the third most expensive capital rental market in Australia with a median weekly rent of $572.40, after a 24.5% year-over-year increase (pictured, a Mount Gravatt house offering for $550 a week)

Australian weekly rentals increase in just one year

SYDNEY: Up 28.4 percent to $695.81

CANBERRA: Up to 5.9 percent at $641.95

BRISBANE: Up to 24.5 percent to $572.40

darwin: Up 5.8 percent to $562.70

PERTH: Up 18.3 percent to $553.49

HOBART: Up to 9.9 percent at $510.56

MELBOURNE: Up 22.8 percent to $512.89

ADELAIDE: Up 20.6 percent to $494.46

Source: SQM Research annual increases in houses and units as a whole

The median rent for homes and units in Mount Gravatt rose 23 percent to $585.19, while the median for a three-bedroom home over the past year rose 29.2 percent to $595.94.

Darwin is the next most expensive capital with an average weekly rent of $562.70 after an increase of 5.8 per cent.

Moil, in the northern suburbs, is typical of the city with a median rent of $559.47 for houses and units.

Perth rentals over the past year rose 18.3 per cent to $553.49 per week.

Balcatta, in the north of the city, has an average weekly rent of $554.14 for houses and units. Home rentals in this suburb for the past year rose 10.1 percent to $587.39 per week.

Hobart rents over the past year rose 9.9 per cent to $510.56 per week.

That amount of money would pay for a two-bedroom unit in Sandy Bay, where $504.31 is the median rent for that type of apartment.

Melbourne is the second cheapest Australian capital city market for renters, despite being the second largest city in the country.

However, rents increased 22.8 percent over the past year to $512.89.

Melbourne Is The Second Cheapest Australian Capital City Market For Renters, Despite Being Australia'S Second Largest City.  However, Rents Rose 22.8 Per Cent Over The Past Year To $512.89 (A Doncaster Home On The Market For $500 A Week Pictured)

Melbourne Is The Second Cheapest Australian Capital City Market For Renters, Despite Being Australia'S Second Largest City.  However, Rents Rose 22.8 Per Cent Over The Past Year To $512.89 (A Doncaster Home On The Market For $500 A Week Pictured)

Melbourne is the second cheapest Australian capital city market for renters, despite being Australia’s second largest city. However, rents rose 22.8 per cent over the past year to $512.89 (a Doncaster home on the market for $500 a week pictured)

Doncaster, in Melbourne’s east, is the typical suburb of the city with a median weekly rent of $523.92 for houses and units, after an annual increase of 11.4 per cent.

A three-bedroom house has a median rent of $518.33.

The Bayside suburb of St Kilda has an average weekly rent of $530 for a two-bedroom unit.

Adelaide is Australia’s cheapest capital market with an average weekly rent of $494.46, following an annual increase of 20.6 per cent.

Port Adelaide is typical, with a combined house and unit rent of $492.77, following an increase of 18.5 per cent.

Rent for a middle home in this suburb is $550.12 compared to $385.45 for units.

Adelaide Is The Cheapest Market In Australia'S Capital With A Median Weekly Rent Of $494.46, After A Year-On-Year Increase Of 20.6% (Pictured, An Apartment In Port Adelaide For $500 A Week)

Adelaide Is The Cheapest Market In Australia'S Capital With A Median Weekly Rent Of $494.46, After A Year-On-Year Increase Of 20.6% (Pictured, An Apartment In Port Adelaide For $500 A Week)

Adelaide is the cheapest market in Australia’s capital with a median weekly rent of $494.46, after a year-on-year increase of 20.6% (pictured, an apartment in Port Adelaide for $500 a week)

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Jacky

The author of what'snew2day.com is dedicated to keeping you up-to-date on the latest news and information.

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