Last update: 12/2024
Rent Trends from 2019 to 2024
The rental market in Sydney has seen significant changes over the years. This report highlights the evolution of average rents in Sydney from 2019 to 2024. The data reflects aggregated figures for all types of dwellings (houses, flats, units) and bedroom configurations.
The chart below illustrates the evolution of median weekly rent prices in Sydney for all bedroom types and dwelling types.
- In 2019, the median weekly rent started at $650.
- A steady decline in rents was observed during 2020-2021, reaching its lowest point of $580.
- In 2022, rents saw a sharp increase, peaking at $720 in 2023, before stabilizing in 2024.
These fluctuations reflect broader market dynamics, including impacts from the COVID-19 pandemic and subsequent recovery.
Rental Prices by Room Type
- Impact of COVID-19 (2020-2021): A noticeable drop in rental prices during the pandemic years, driven by reduced demand and increased vacancy rates.
- Market Recovery (2022-2023): A sharp rise in rents starting in 2022, coinciding with the economic recovery and increased migration back to Sydney.
- Affordability in 2024: To afford a 1-bedroom apartment in Sydney in 2024, you would need to earn approximately $109,000 per year after tax, or around $2,100 per week after tax. This assumes a weekly rent of $630, which equates to 30% of your income a common guideline for housing affordability.
. If you need to know how much is your salary after taxes, use our pay calculator.
Data source:
The data for this analysis is sourced from the NSW Department of Communities and Justice. The data reflects aggregated figures for all types of dwellings (houses, flats, units) and bedroom configurations.
