What is the Average Rent in Brisbane? - Soho Real Estate (2024)

BrisbaneNewsRenting

It can be tricky to know whether houses for rent in Brisbane represent amazing value, but it’s important to understand how your current rent stacks up against other suburbs and areas within the city. Whether you’re looking at cheap houses for rent in Brisbane or units or townhouses, you’ll probably find something that works for you.

There’s little doubt that living in Brisbane can be a great experience, but knowing the average rent can be valuable and help you make informed decisions about which vacancies to apply for.

Let’s look at why rent in Brisbane is so high and the best places to live if you’re on a tight rental budget–with a little insight to highlight whether you’re getting a brilliant deal or paying a bit over the odds!

Average Brisbane Rental Prices in 2022

We’ll start with a few facts and figures to shed light on what you’d expect to pay to rent a Brisbane property based on August 2022 reports and how those rates have changed lately.

• The average house goes for $674 a week, which is 19.9% up on the year before.
• Three-bedroom family homes cost around $557 a week, a slightly more modest 14.8% rise across the last twelve months.
• On average, units rent for $526 a week, dropping to $516 for a two-bedroom unit, around 16% more than the standard rental cost in 2021.
• If you’re looking for cheap houses for rent in Brisbane Northside, you can expect to pay between $350-$400 per week.

Now, these are averages across the whole of Brisbane and include several thousands of homes and apartments spread across the suburbs, so it doesn’t mean to say you can’t find something more affordable if you keep your eyes peeled!

Countless variables dictate the right rental value for a property, such as the quality of furnishings, floor space, the size of the backyard and proximity to great facilities, but averages are as good a place to start as any.

The rental market in Brisbane

Brisbane’s rental market is still a landlords’ market in 2023, with asking rents at record highs.

Traditionally, Brisbane has had tight vacancy rates, well below the 2.5% vacancy rate that is considered a balanced rental market. So, you could argue that there is a rental crisis in Brisbane.

This means that there are more people looking for rental properties than there are properties available, which gives landlords a lot of power.

As a result, asking rents have been rising steadily in recent years, and are now at record highs.

This is bad news for tenants, who are finding it increasingly difficult to find affordable housing. In fact, a recent study found that the average rent in Brisbane is now 30% of the average household income, which is well above the recommended 25%.

This means that many tenants are struggling to make ends meet, and are having to choose between paying rent and other essential expenses, such as food and healthcare.

The government has taken some steps to address the rental affordability crisis, such as introducing a rental bond surcharge for investors who own multiple properties. However, these measures have not been enough to make a significant difference. More needs to be done to help tenants, such as increasing the supply of affordable housing and providing financial assistance to those who are struggling to pay rent.

In the meantime, tenants who are looking for a rental property in Brisbane should be prepared to face a competitive market and be willing to pay high rents. They should also be aware of their rights as tenants and be prepared to stand up for themselves if their landlord tries to take advantage of them.

To give a little more context, if you’re looking for cheap 1 bedroom units for rent in Brisbane, you can expect to pay around $350 per week in the more affordable suburbs like Coopers Fields and Auchenflower.

The Most Expensive Areas to Rent in Brisbane

Let’s be honest, the cost of living in Brisbane is actually low. And it attracts many of affluent people from across Australia and the world. Brisbane’s house price growth in the last ten years has also soared with property values continuing to increase.

If you’re living large and looking for a luxurious home within shouting distance of the CBD, you might be interested in Teneriffe, with an average rental price of $895 a week for a house or $570 for a unit. Of course, this inner city location is one of the priciest spots in Brisbane, but you get riverside views and amazing convenience for your money, hence the desirability of the area.

New Farm is a tiny bit less expensive, with median unit rents of $440 a week, or you could embrace river living in Hamilton, paying around $475 per week for a premium unit. All of these top-dollar locations have a unique selling point and usually revolve around proximity to the river, so you can manage your rental budget if you move a little further out.

Homes near the University of Queensland are also in high demand, which you’d imagine would make it a lower price place to rent, given that most students don’t have a lavish accommodation budget. But, as one of the oldest suburbs in the city, St Lucia remains hugely popular with professionals and retirees, so even with a slight slump in interest, you’ll still pay about $450 a week to rent a unit.

Cheap Brisbane Suburbs for Rental Properties

Looking to spread your money a little further and happy with a commute to work or uni each day? The way to rent a house in Brisbane on a budget is to find the right location.

Logan Central

Check out Logan Central, a family-friendly suburb where you can rent a property for about $294 a week, with parks and public transport closeby.

Woodridge

We’d also suggest Woodridge, with a budget of $302 a week, based in south Brisbane, just a short drive from the beach.

Bellbird Park

Bellbird Park is a perfect spot for first-time buyers or renters, close to a secondary college and with an atmosphere that feels like you’re way out in the countryside. Try to prioritise those things that will make the biggest difference to your everyday quality of living! Think parks, green spaces, decent transport links, good schools, friendly communities, and convenient amenities.

Caboolture is a fantastic example–it’s affordable, quiet, and has a cute lake to feed the ducks, but a great nightlife scene as well if you’re not ready to settle for early nights just yet.

Budgets might not be the most exciting part of your rental property search, but they’re one of the realities of life, so it’s best to set yourself a monthly or weekly limit and select vacancies that suit your lifestyle without causing a financial headache–Soho is here to help you find just the right place!