Domain Rental Report, March 2019: South Coast rents rising for many

Rents on the rise
Rents on the rise

RENTAL prices for a home in Kiama might have retracted slightly during the past year, but it remains the most expensive place on the South Coast.

The Domain Rental Report for March 2019 shows the median rental costs for homes and units in the region and how they have changed during the past few years.

The median weekly rent for a home in Kiama is $540, which is significantly higher than in Shoalhaven ($470), Eurobodalla ($450) and Bega Valley ($400).

The report also shows that Kiama has the most expensive median unit rental cost at $480, which is followed far behind by Eurobodalla ($300) and Bega Valley ($290).

Despite the high cost to rent a home in Kiama, prices actually retracted by -1.8 per cent ($10 a week) during the past year. The cost for units, however, increased by 6.7 per cent (from $450 to $480).

Other locations experienced an increase in median weekly asking rents during the past 12 months.

The report shows that homes in Shoalhaven jumped by a significant 13.3 per cent during the year - from $415 to $470.

While in Bega Valley costs rose by 8.1 per cent - from $370 to $400; and in Eurobodalla they increased by 7.1 per cent from $420 to $450.

For investors, homes in Bega Valley offered up the highest gross rental yield at 4.82 per cent.

Eurobodalla was the next best investment, with a 4.60 per cent yield, followed by Shoalhaven at 3.92 per cent, and Kiama at 3.16 per cent.

Far South Coast readers reacted with disgust, but not surprise, at the latest figures.

"If I had to rent I'd be homeless. Thank goodness I have a mortgage, much cheaper," said one.

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