Average weekly rent in Sydney have increased to $400 a week, an increase of $10 since last year, according to an article from the Sydney Morning Herald. This means the average monthly rent in Sydney in 2010 is about $1,733.
Tenants in the outer-ring suburbs, such as Blacktown and Sutherland, faced the largest rises, with rent increasing by $20 a week. Inner-ring suburbs, such as Marrickville, Mosman and Randwick, jumped by an average $15. However rent in middle-ring suburbs, such as Canada Bay, Kogarah and Ryde remained stable.
The Minister for Housing, David Borger, said rent in outer suburbs was rising as the market adjusted to increasing demand from tenants escaping higher inner-city prices.
Figures from Housing NSW’s Rent and Sales report show in the March quarter, the average rental for a two-bedroom unit cost an average $410 a week, and a three-bedroom house $380.
The biggest increases for two-bedroom units were in Campbelltown (up $40 to $240), Manly (up $70 to $580) and Wyong (up $30 to $260).
For three-bedroom houses, Sutherland (up $60 to $520), Pittwater (up $75 to $680) and Camden ($40 to $380) had the largest increases.