Recent data reveals that the cost of renting a property on the Gold Coast is becoming increasingly unaffordable for many families.
Increasing Rental Cost in the Gold Coast
The latest PropTrack Market Insight Report shows that the median rental price for all dwellings in the city has reached $780 per week.
This represents a 2.6% increase over the past quarter and a significant 8.3% rise over the last year.
Notably, rental prices for units have surged the most, jumping by 10.7% in the past year to an average of $720 per week.
While the cost of renting houses on the Gold Coast has remained stable over the last quarter, it has nonetheless increased by 6.25% over the year.
The median price for renting a house in the area now stands at $850 per week.
Expensive GC rental market
These rising costs place the Gold Coast among the most expensive rental markets in Australia, surpassing Sydney ($740), Perth ($650), and Brisbane ($620).
