Cheap Canberra rentals could be found in the 30 most affordable ACT suburbs for renters

Median rents fell by 1 per cent over the June quarter, CoreLogic's quarterly rental report revealed.

Despite the decline, Canberra rents remain the second highest among the capital cities at $669 per week, behind Sydney at $733.

Median unit rents in Canberra fell 0.8 per cent over the quarter to $581 per week. House rents fell 1 per cent during the quarter to $707 per week.

The vacancy rate across all Canberra property types was 2.2 per cent, up from 1.2 per cent this time last year.

Lyons, in Woden Valley, came in at the most affordable suburb for renters, where the median unit rents were $437 per week.

Chifley, also in Woden Valley, was the second most affordable rental market with unit rents sitting at $502 per week.

Hawker, Crace and Greenway rounded out the top five, with weekly median rents for units coming in at $504, $524 and $531 respectively.

All of the 30 suburbs ranked were listed for their median unit value. No house markets made it into the affordable list.

Renters might have the best luck finding a rental unit in Denman Prospect, which had the highest vacancy rate of the 30 suburbs at 7.7 per cent.

Coombs was next with a 4 per cent vacancy rate, followed by Phillip and Gungahlin, both with a 3.5 per cent vacancy rate.

The report offered further proof that Canberra was bucking a national upward trend in rents.

National rents rose 2.5 per cent over the three months to June, however the pace of growth was slowing.

Melbourne rents were up 3.9 per cent for the quarter, while Sydney was up 3.2 per cent. Hobart was the only other capital to record a quarterly decline with a 1 per cent fall in rents.

Demographic and supply shifts were behind the varied capital city figures, the report stated.

"Recent ABS data showed a strong surge in net overseas migration to NSW and Victoria, with the majority of migrants choosing to settle in Sydney or Melbourne upon arrival," it stated.

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Rental supply in some capitals was down 50 per cent on the previous five-year average.

"On the other hand, markets like Hobart and Canberra, which typically receive a smaller portion of overseas migrants, have seen stock levels accumulate and vacancy rates rise, putting downward pressure on rental values," the report stated.

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