Australian rents can feel expensive, but how do they compare with the rest of the world?
We looked at median asking rents for two-bedroom apartments in major cities and converted the figures into Australian dollars. The results make for an interesting global property snapshot.
City Approx. monthly rent
New York: $8585
London; $7290
Dubai: $5025
Paris; $4350
Sydney: $4020
Barcelona: $4030
Singapore: $3925
Madrid: $3220
Melbourne: $3120
Auckland: $2090
Tokyo: $1750
Figures are approximate AUD conversions and represent a snapshot of median asking rents. Actual rents vary considerably by suburb, property type and location.
At around $4,000 a month, Sydney is certainly expensive by international standards, but it sits well below New York and London.
A typical two-bedroom apartment in New York comes in at around $8,600 a month, while London is approximately $7,300. Dubai is also ahead of Sydney at around $5,000.
Within Australia, the gap between capitals is smaller. Melbourne, Brisbane and Perth all sit around the $3,000–$3,100 mark.
Tokyo is perhaps the biggest surprise. At roughly $1,750 a month, its median two-bedroom asking rent is less than half Sydney's.
Auckland is similarly interesting at around $2,100, while Toronto sits at approximately $2,700.
But price alone doesn't tell the whole story. Apartment size, location, salaries, transport and the overall cost of living can dramatically change how affordable a city feels.
For Australian renters, the good news is that Sydney isn't the world's most expensive rental market.
The bad news? New York and London demonstrate just how high rents can climb in globally desirable cities.
And for anyone considering an overseas move, comparing rents is a useful starting point — but the real question is not simply “Where is rent cheapest?”
It's “What does that rent actually buy you?”
Sources: Global Property Guide, realestate.com.au and current exchange rates. Figures are indicative and subject to change.
