A shortage of rental homes and tourism driving Byron's rental market.
A shortage of rental homes and tourism driving Byron's rental market.

Byron Bay outstrips Sydney with median rents at $550pw

IT HAS 150 times more people jostling for position, yet the average price of renting a house in Sydney - a city of 4.5 million - is cheaper than renting one in Byron Bay.

In the past 12 months, the median rental price in Sydney has remained on a plateau of $500 a week, yet Byron's rental prices have climbed 13% from $485 per week in December 2012 to $550 per week at the end of last year.

The figures from Australian Property Monitors equate to Byron being one of the most expensive places in the country to rent a house, with Darwin the only Australian capital city with a higher average rent.

APM senior economist Dr Andrew Wilson said it was an "unusual finding" but Byron's rental market had grown strongly throughout 2013.

Dr Wilson said a possible shortage of rental homes for its population of 30,000 and the need for holiday rentals could also be part of the issue.

"It is a big rise from a low base but Byron is a very expensive area," Dr Wilson said.

"Its rent and house prices are similar to Sydney city."



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