Wright and Crace win rent race in Canberra

The latest Allhomes data shows homes and units are taking an average of 30 days to rent. The rate of renting a property in some suburbs fell vastly below the territory average.

The average time a property takes to rent is measured by the time between the initial date of the rental listing to the date marked as rented on Allhomes. It is this average that gives an indication of the rate of rental for each suburb.

The fluctuation of the time taken to rent a property gives a good indication of the level of demand within each area, as well as the supply.

The suburb-level data revealed a rapid rate to rent across particular suburbs. Homes in Wright are renting at lightning speed, spending on average 18 days on the market based on properties leased from January 1 to the end of July.

Dunlop and Macgregor came in joint second place, with homes taking on average 20 days to rent, followed by Casey at 21 days.

Macquarie, Spence, Isabella Plains and Banks spent on average 22 days on the market. Gilmore and Harrison completed the top 10 fastest rental areas for detached houses, with homes spending on average 23 days on the market.

Crace had the quickest rate of rent for units, at just 18 days, followed by Greenway at 20 days.

Units in Garran and Franklin took out joint third place, with properties taking on average 22 days to rent, followed by Hughes and Lyneham at 23 days.

Holt, Dickson, Braddon and Macquarie completed the top 10 fastest rental areas for units, at 24 days to rent.

The No.1 location to rent a house or unit did not grace the list of the 10 fastest suburbs to rent. Kingston is a tenant hub for those looking to lease a unit, but plentiful stock has kept the days on market higher at 28.

Ngunnawal was the most popular place to lease a house, although the rate to rent still sat below the territory average at 25 days.

A short rental time characteristically indicates a lack of listings compared with rental demand. The suburbs with a shorter time on the market were a mix of areas that offered both established and newer stock.

Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays 9-10am.