Renting units in 14 different suburbs across NSW is now made easier, thanks to rental price adjustments throughout recent years. Several suburbs, including Northbridge, have reported lower unit rents compared to five years ago.
Due to the downturn, present tenants would be surprised to learn that their current property rental is now lesser than what they could have paid five years ago.
The price drop is mainly seen and felt in North Ryde. Data shows that this suburb has a negative 18.5% change from five years ago. This means unit tenants at North Ryde are saving up to $120 a week. Other suburbs with big declines are Kingsgrove and Peakhurst, having a negative 13.5% change and negative 12.4% change, respectively.
In Northbridge, the median weekly rent for a unit is at $615. Over the last five years, a negative 0.8% change was recorded.
Full list of median weekly rents for units as provided by the Domain:
| Suburb | Price | YOY Change | 5 Year Change |
| North Ryde | $530 | -13.8% | -18.5% |
| Kingsgrove | $450 | -15.1% | -13.5% |
| Peakhurst | $510 | -5.6% | -12.4% |
| Millers Point | $935 | 1.6% | -6.5% |
| Gordon | $600 | 3.4% | -4.8% |
| Leumeah | $326 | 1.9% | -4.1% |
| Mortlake | $580 | -3.3% | -3.7% |
| Silverwater | $430 | -0.6% | -3.4% |
| Wahroonga | $550 | -0.9% | -3.1% |
| Little Bay | $630 | -9.4% | -3.1% |
| Killara | $610 | -1.6% | -2.4% |
| North Willoughby | $550 | -5.7% | -1.8% |
| Northbridge | $615 | -5.4% | -0.8% |
| Breakfast Point | $675 | -3.5% | -0.7% |
| South Wentworthville | $500 | 13.6% | 0.0% |
| Concord West | $430 | 1.2% | 0.0% |
| Carlingford | $500 | -3.8% | 0.0% |
Key Factor Behind Price Decrease
A key factor in the decrease in rental prices in many suburbs is the higher number of competition. With more and more units being built and open for lease, landlords who do not receive any inquiries after two weeks are forced to bring down the initial rate.
However, other landlords prefer to maintain the same rent for the property but with newly upgraded facilities on the unit.
According to Cristina DeSousa, the property portfolio manager from Ray White Bexley North Kingsgrove and Beverly Hills, properties in all the mentioned suburbs above have at least three to five weeks of being vacant before being rented out by a new tenant. This makes it tougher for landlords, hence, rental price adjustments become a must.