As part of our Suburb Spotlight series, this month we’re focusing on the rental market trends in Manly, one of the Northern Beaches’ most iconic locations. When it comes to renting in Manly, it’s important to understand the latest trends, particularly regarding rental prices, growth, and how long properties are staying on the market. Here’s a quick snapshot of the current situation based on property type and number of bedrooms:
Units in Manly
- 1-Bedroom Units: The median rental price for a 1-bedroom unit in Manly is $690 per week, with a price growth of 6.2%. On average, these properties are on the market for 11 days before being rented out. This makes them a quick-moving option, especially popular with young professionals or couples looking for an entry point into Manly’s rental market.
- 2-Bedroom Units: The median rental price sits at $995 per week, reflecting a 10.6% growth over the past year. These properties tend to be rented within 15 days, indicating strong demand for more spacious apartment living options.
- 3-Bedroom Units: For those looking for larger units, 3-bedroom apartments in Manly command a higher rental price of $1.5k per week. This type of property has seen a 10.9% price growth, with tenants securing leases after around 20 days on the market.
Houses in Manly
- 3-Bedroom Houses: Renting a 3-bedroom house in Manly costs approximately $1.8k per week. However, these properties have experienced slower price growth, at 3.4%, and typically stay on the market for about 26 days.
- 4-Bedroom Houses: The most substantial growth is in the 4-bedroom house segment, where rents have jumped to $2.5k per week, reflecting a 13.6% increase. These homes remain on the market for around 23 days, which highlights the competitive nature of securing larger family homes in the area.
Rental Market Summary
This data paints a clear picture: rental prices in Manly have been on the rise, particularly for larger properties and units. The rapid growth in 2- and 3-bedroom units suggests a strong preference for flexibility in living spaces, influenced by tenants seeking a more comfortable work-from-home setup or growing families. Meanwhile, 4-bedroom houses show the highest price growth, reflecting the increased demand for family homes in beachside suburbs like Manly.
The relatively short time that properties are staying on the market—ranging from 11 to 26 days—also points to the continuing high demand for rentals across all categories in Manly.
Looking Ahead
The Spring Season and leading into Summer are typically the peak season in the rental market for the northern beaches generally and Manly typically follows this trend. However we predict that overall prices will remain stable. Those properties with modern fit outs and outdoor space will continue to command premium rentals. With the increasing levels of pet ownership, pet friendly properties continue to outperform.
Final Thoughts
For landlords, the data highlights the potential for strong returns. Tenants, on the other hand, should act swiftly when they find a suitable property, as competition remains high.
At Rightside Estate Agency, we keep a close eye on these trends to ensure both landlords and tenants have the latest information at their fingertips. Whether you’re considering renting your property or are in the market for a new home, our team is here to help you navigate the evolving rental landscape in Manly.
