Darwin sees rise in affordable rental properties, but still limited options below $400 per week

Darwin is bucking the trend when it comes to affordable rental properties in Australia, with the latest PropTrack Market Insight Report revealing that the Top End city is the only capital to see an increase in affordable rentals in the past year. However, the data also shows that only one in 10 homes for lease in Darwin falls below the $400 per week mark.

According to PropTrack senior economist Paul Ryan, Darwin saw a slight increase in the percentage of properties for rent below $400 per week, rising to 10.7% in April. While this is a positive trend, it is a far cry from the 46.8% of properties that were available at that price point in March 2020.

In the unit market, the share of properties listed for less than $400 per week increased slightly to 17.8% in April, but this is down significantly from 57.3% in March 2020. In regional NT, the share of affordable rentals also decreased, falling from 38% in March 2020 to 25.3% in April 2024.

Mr. Ryan noted that across the country, affordable rental options are becoming increasingly scarce, with the number of properties available for less than $400 per week hitting a new record low in April. This trend is particularly challenging for lower income households, highlighting the urgent need for an increase in the supply of affordable housing.

While the rest of Australia is seeing a decline in affordable rental options, Darwin’s resilience in this area is commendable. However, without significant intervention to improve rental supply, the trend of diminishing affordable rentals is likely to continue, putting further strain on renters in the city.