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Sydney Rent Report: rents up 60% in five years

Cost Atlas · Updated 2026-11-07 · Data to September 2026

The median rent on a new Sydney lease rose from $500 a week in January–September 2021 to $800 in January–September 2026, a rise of 60%. NSW wages rose about 18% over the same period, so rents grew 3.4 times as much as pay.

Key findings

Five-year trend

Most of the rise came between late 2022 and the end of 2023, when the quarterly median climbed from $600 to $700 a week. Growth has slowed since, but not stopped.

2023: fastest growth$400$500$600$700$800$900202120222023202420252026$800
Greater Sydney median weekly rent on new leases (flats, houses and terraces), by quarter. Source: NSW Fair Trading.

Rents vs wages

NSW wages rose about 18% from June 2021 to June 2026, with annual growth between 2.6% and 4.2%. Rents on new leases rose 60%, and the gap widened every year.

90110130150170202120222023202420252026Wages 118Rent 160
Rent: median new lease, January–September each year. Wages: ABS Wage Price Index, NSW, total hourly rates excluding bonuses, June quarter.

Rent burden

A year of rent at the Sydney median takes 46% of one average wage. The burden is heaviest in City and Inner South, Inner South West, South West and Parramatta, and lightest in North Sydney and Hornsby. Inner South West and Parramatta are also among the fastest-rising regions: rents rose fastest where incomes are lowest.

City and Inner SouthCity and Inner South: 50%50%Inner South WestInner South West: 49%49%South WestSouth West: 48%48%ParramattaParramatta: 47%47%Baulkham Hills and HawkesburyBaulkham Hills and Hawkesbury: 44%44%Eastern SuburbsEastern Suburbs: 44%44%Northern BeachesNorthern Beaches: 44%44%Outer South WestOuter South West: 43%43%Inner WestInner West: 43%43%SutherlandSutherland: 42%42%RydeRyde: 42%42%Outer West and Blue MountainsOuter West and Blue Mountains: 42%42%BlacktownBlacktown: 41%41%North Sydney and HornsbyNorth Sydney and Hornsby: 36%36%30% housing stress line
Median new-lease rent × 52 as a share of the average salary and wage of residents (ATO 2023–24, indexed to 2026 with the NSW Wage Price Index).

By postcode, the heaviest burdens outside the CBD are in Belrose (2085, 71%), Mascot (2020, 68%), Burwood (2134, 64%), Chifley (2036, 64%), Auburn (2144, 63%). The CBD (2000) is higher still, but its average wage is pulled down by students and part-time workers.

Units vs houses

Across all homes, houses still lease for slightly more than units ($800 against $780 a week). Comparing common sizes, a two-bedroom unit ($820) now costs more than a three-bedroom house ($750). That mostly reflects location: units cluster in the inner city, where rents rose fastest.

$400$500$600$700$800$9002021202220232024202520262-bed unit3-bed house
2-bedroom unit3-bedroom house
Median weekly rent on new leases by quarter. Source: NSW Fair Trading.

By region and postcode

RydeRyde: +65%+65% $485→$800Inner South WestInner South West: +62%+62% $450→$730ParramattaParramatta: +61%+61% $440→$710City and Inner SouthCity and Inner South: +59%+59% $580→$920Eastern SuburbsEastern Suburbs: +58%+58% $620→$980Inner WestInner West: +56%+56% $500→$780South WestSouth West: +55%+55% $445→$690North Sydney and HornsbyNorth Sydney and Hornsby: +54%+54% $550→$850Outer West and Blue MountainsOuter West and Blue Mountains: +50%+50% $440→$660Outer South WestOuter South West: +48%+48% $440→$650BlacktownBlacktown: +47%+47% $470→$690SutherlandSutherland: +46%+46% $550→$800Baulkham Hills and HawkesburyBaulkham Hills and Hawkesbury: +43%+43% $595→$850Northern BeachesNorthern Beaches: +37%+37% $680→$930Sydney +60%
Change in median new-lease rent, January–September 2021 to January–September 2026, all dwelling types, by ABS SA4 region.

The biggest five-year rises by postcode were in Chifley (2036, +92%), Lakemba (2195, +83%), Sydney (2000, +82%), Daceyville (2032, +82%), Waterloo (2017, +82%). Inner-city and university postcodes started from a low base in 2021, when borders were closed, so their rises are overstated.

Bonds and tenancy length

In January–September 2026, 63% of bonds went back to tenants in full and 12% went entirely to the landlord or agent. The odds of losing a bond track the regions where rent burden is heaviest.

Outer South WestOuter South West: 26%26%South WestSouth West: 24%24%BlacktownBlacktown: 20%20%Outer West and Blue MountainsOuter West and Blue Mountains: 19%19%Inner South WestInner South West: 17%17%ParramattaParramatta: 17%17%Baulkham Hills and HawkesburyBaulkham Hills and Hawkesbury: 9%9%Inner WestInner West: 9%9%City and Inner SouthCity and Inner South: 8%8%SutherlandSutherland: 7%7%RydeRyde: 7%7%Eastern SuburbsEastern Suburbs: 6%6%Northern BeachesNorthern Beaches: 6%6%North Sydney and HornsbyNorth Sydney and Hornsby: 5%5%Sydney 12%
Bonds refunded January–September 2026, 146,611 refunds. Source: NSW Fair Trading.

The lowest full-refund rates were in Auburn (2144, 39%), Bass Hill (2197, 41%), Bidwill (2770, 41%). When a landlord made a claim, the median amount rose from $800 in 2021 to $1,090 in 2026, mostly because bonds grew with rents (NSW bonds are capped at four weeks' rent). Tenants are also staying longer: the median bond was held 500 days in 2021 and 575 days in 2026.

Bond records show how each bond was split, not why. Money paid to a landlord can cover damage, cleaning or unpaid rent, so these figures do not on their own show unfair claims.

Data and methodology

Rents and bonds come from NSW Fair Trading rental bond data: 1,216,173 new leases and 1,157,610 bond refunds in Greater Sydney since January 2021. Year-on-year figures compare January–September of each year. Wages are from the ABS Wage Price Index and ATO Taxation Statistics. Full details are on the methodology page, and the postcode data can be downloaded.