5A The Parkway, Leabrook has an asking rent of $710 per week. The suburb topped the list for most in-demand suburbs for rentals.

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South Australia’s rental crisis shows no signs of abating in 2023 with a backlog of still-to-be-built homes further restricting supply.

Real estate experts say rising interest rates are also adding more pressure, and frustration is growing among renters across the state.

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PropTrack and realestate.com.au’s Best of the Best report shows not only has rent reached record levels in SA, but the demand for rental properties has far exceeded supply.

And data for the most in-demand suburbs reveals renters are looking for a home anywhere across metropolitan Adelaide.

Leabrook in Adelaide’s east has taken out the top spot as the most sought-after suburb for houses among prospective tenants. It has recorded an annual growth of more than 154 per cent in engagers per listing.

Senior PropTrack economist Paul Ryan said the rental market was “tightest in regional SA” with a vacancy rate of 0.8 per cent.

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Sophie Campbell of Harris Real Estate who recently listed a Leabrook home for rent said the rental market was very strong in the suburb.

“I recently had 17 groups through on the first open, and compared to last year, there’s been a huge surge in demand,” Ms Campbell said.

The suburb is closely followed by Osborne in the city’s northwest which has seen engagement per listing grow by 88.20 per cent over the past 12 months. Ridleyton, Devon Park and Port Adelaide are next on the list, recording more than 66 per cent annual growth each.

For units, Hyde Park has been top choice among renters, recording an increase of 147.79 per cent in engagers per listing.

505 Victoria Road, Osborne has an asking rent of $500 to $600 per week.

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PropTrack senior economist Paul Ryan said it was not surprising to see demand for rentals right across metropolitan Adelaide.

“With so few rentals available and Adelaide’s vacancy rate sitting at 0.9 per cent, it’s not surprising to see renters chasing whatever is available,” Mr Ryan said.

“Rental conditions are so tight in Adelaide that people can’t be too picky about where they want to rent. They have to go with what’s available, which is really a frustrating situation for renters at the moment.”

Regionally, Jamestown recorded the highest growth for houses listed, up by 97.20 per cent while unit listings in Renmark saw a whopping increase of 167.32 per cent.

3 Henry Moss Court, Ridleyton has an asking rent of $500 to $520 per week. The suburb bagged the third spot in the top 10 list of most in-demand suburbs for rentals.

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Mr Ryan said the market was “tightest in regional SA” with a vacancy rate of 0.8 per cent, the lowest in the country along with Perth and Hobart.

“There’s a huge backlog of houses still being built, which means a further tightening of rental supply and increases in rental costs seems likely over the coming year,” he said.

The limited supply of stock coupled with strong demand is leading to heightened increases in rental prices, the data reported.

Turner Real Estate CEO Emma Slape said while 2022 has been a year of continuing strong demand and rent rises right across metropolitan Adelaide, it will take a while for the pressures to ease.

Turner Real Estate CEO Emma Slape said supply of rental homes with three to four bedrooms was low. Picture: Brenton Edwards

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“There hasn’t been any easing in tenant demands. We are still seeing very strong reactions to family homes because we have seen the availability of large, three to four bedroom homes decrease as homebuyers have bought into the market,” Ms Slape said.

“The solution to the current tight rental market is either more rental supply or less rental demand. When first home buyers move out of rental stock and into their homes, it will ease some pressure.

“We need more investors in the market and hopefully as people move around Australia, now with borders open, that will change supply and demand as well.”

38a Langham Place, Port Adelaide has been listed on the market with an asking rent of $580 per week.

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Medindie was the most expensive suburb to rent in 2022 with a median weekly rent of $990.

It was followed by Malvern and Glenunga where homes had a median weekly rent of $863 and $850 respectively.

For units, Eastwood was the costliest with a median weekly rent of $495.

Tenants in regional SA were equally hit by rising rents – Port Elliot was the most expensive to rent with a median weekly rent for a house sitting at $495. Units in Victor Harbor were also the most expensive to rent with a weekly median rent of $535.

The data also revealed the suburbs that have recorded the highest growth in rent. With median house rents up by 25 per cent, Burton in Adelaide’s north was the most lucrative for landlords.

Median house rents also increased by more than 23 per cent in Beulah Park and Woodville South.

PropTrack and realestate.com.au’s Best of the Best: The Winners

Most in demand rentals – Metro Houses

Suburb, YoY % growth in engagers per listing

Leabrook, 154.16%

Osborne, 88.20%

Ridleyton, 77.06%

Devon Park, 67.77%

Port Adelaide, 66.40%

Most in demand rentals – Metro Units

Hyde Park, 147.79%

Forestville, 110.85%

Salisbury East, 108.33%

Woodville Park, 97.39%

Glandore, 93.36%

Most in demand rentals – Regional Houses

Jamestown, 97.20%

Renmark, 67.75%

Naracoorte, 67.32%

Coffin Bay, 60.08%

Kadina, 59.57%

Most in demand rentals – Regional Units

Renmark, 167.32%

Berri, 96.53%

Barmera, 88.92%

Roxby Downs, 39.33%

Whyalla, 35.01%

Highest growth in rentals – Metro Houses

Suburb, Rent (as on 31 Oct 2022), Change in median rent in 12 months

Burton, $450, 25.0%

Beulah Park, $590, 24.2%

Woodville South, $520, 23.8%

Seaford, $450, 21.6%

Elizabeth Downs, $340, 21.4%

Highest growth in rentals – Metro Units

Brighton, $430, 22.9%

Ascot Park, $400,19.4%

Grange, $380, 18.8%

Woodville West, $380, 18.8%

Paradise, $380,18.8%

Highest growth in rentals – Regional Houses

Encounter Bay, $480, 25.5%

Millicent, $275, 19.6%

Port Augusta West, $320, 18.5%

Port Augusta, $290, 16.0%

Risdon Park, $230, 15.0%

Highest growth in rentals – Regional Units

Naracoorte, $210, 20.0%

Port Augusta, $218, 14.5%

Mount Gambier, $250, 13.6%

Tanunda, $295, 11.3%

Barmera, $213, 9.0%

Highest weekly rents – Metro Houses

Suburb, Rent (as on 31 Oct 2022)

Medindie, $990

Malvern, $863

Glenunga, $850

Hazelwood Park, $840

Glen Osmond, $765

Highest weekly rents – Metro Units

Eastwood, $495

Brompton, $490

West Lakes, $480

Tranmere, $480

Bowden, $470

Highest weekly rents – Regional Houses

Port Elliot, $495

Encounter Bay, $480

Middleton, $455

Lyndoch, $450

Hindmarsh Island, $450

Highest weekly rents – Regional Units

Victor Harbor, $535

Nuriootpa, $310

Roxby Downs, $300

Tanunda, $295

Port Lincoln, $280

Lowest weekly rents – Metro Houses

Elizabeth South, $300

Elizabeth Grove, $300

Elizabeth North, $315

Evanston, $320

Davoren Park, $320

Lowest weekly rents – Metro Units

Elizabeth Vale, $226

Salisbury East, $280

Gawler South, $285

Salisbury, $290

Salisbury North, $300

Lowest weekly rents – Regional Houses

Peterborough, $193

Risdon Park, $230

Jamestown, $245

Whyalla Stuart, $250

Whyalla Norrie, $250

Lowest weekly rents – Regional Units

Whyalla Playford, $180

Naracoorte, $210

Barmera, $213

Port Augusta, $218

Whyalla, $223

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