Figures released by property research firm CoreLogic on Tuesday show the median rent in Adelaide reached $518 for the December quarter – up 12.9 per cent across 2022.

Despite the increase, Adelaide remains the country’s second-most affordable capital city for renters, behind only Melbourne at $507.

The national median rent for the December quarter was $555, with Canberra ($681) and Sydney ($679) the most expensive capital city rental markets.

Adelaide’s 12.9 per cent increase in median rental prices was Australia’s second-highest annual increase last year.

It was also above the national average of 10.2 per cent. Brisbane recorded the largest annual increase with a 13.4 per cent uptick.

However, there appeared to be some relief for renters with the pace of growth in Adelaide slowing down from 3.6 per cent in the September quarter to 1.4 per cent in the December quarter.

CoreLogic said it was not clear if the slowdown would be a long-term trend.

“Rental value increases saw a notable slowdown in Adelaide, where dwelling rent appreciation was 1.4 per cent in the December quarter, down 220 basis points from the previous quarter,” the CoreLogic report states.

“There may be several factors contributing to a slowdown in the growth of rental markets.

“However, it is not entirely clear whether the rental market will continue inching toward a turning point, or if this is a temporary, seasonal reprieve due to higher new listings through December.”

Adelaide’s most expensive suburb for rentals is Malvern (median price $830) and the most affordable is Elizabeth South ($371), according to CoreLogic.

The rental vacancy rate in Adelaide remains the lowest of the capital cities at 0.4 per cent, down from 0.6 per cent at the start of 2022.

All capital cities except Canberra recorded a decrease in available rental properties in 2022, although Adelaide has been the tightest rental market in Australia all year.

The national rental vacancy rate stands at 1.2 per cent for the December quarter.

CoreLogic’s top 10 most expensive Adelaide suburbs by median rent:

1. Malvern ($830)
2. Glenelg South ($822)
3. Toorak Gardens ($819)
4. Hyde Park ($818)
5. Unley ($797)
6. Fullarton ($780)
7. St Georges ($779)
8. Glenunga ($775)
9. North Adelaide ($775)
10. Beaumont ($775)

CoreLogic’s top 10 most affordable Adelaide suburbs by median rent:

1. Salisbury ($345)
2. Salisbury East ($346)
3. Kilburn ($355)
4. Elizabeth South ($371)
5. Elizabeth Grove ($377)
6. Semaphore ($378)
7. Elizabeth North ($378)
8. Brooklyn Park ($379)
9. Klemzig ($379)
10. St Marys ($379)