Coming in behind Cowra at $250 a week for residential rentals, Young residents are paying an average of $270 a week for their rental properties.

The average price of rental accommodation in town has risen by 3.8 percent in the last year and 8 percent in the last five years according to the data released by Domain.

Stuart Norton, principal of Norton Realty, said prices had risen because there weren’t enough rentals available.

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“When it’s tight, there’s 40 to 50 rental properties to rent. It’s always been tight, the lack of availability is keeping [the rental market] strong,” Mr Norton said.

But he said market rents were driven by affordability and the median income of the area.

“We’re a regional area, the base salary is not $100,000 like in Sydney. It’s reflective of what people are earning,” Mr Norton said.

Just 70 kilometers north of Young, Cowra residents are paying a median rental price of $250 a week according to the Domain Rental Report.

“It’s God’s country out here in Cowra,” Stephen Haslam, licensee of LJ Hooker Cowra said having made the move from Sydney’s northern beaches four years ago.

While Cowra rents remained flat in the past year, they rose 19 percent over five years according to the Domain data.

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“You’ve got a population of about 13,000 but it’s got good infrastructure and with that infrastructure it draws work opportunities, so that’s why the tenant side of things does well,” Mr Haslam said.

He said the town’s affordable house prices also encouraged investors to buy in town, ensuring a good selection of rentals.

While in Wagga the median rental price sits at around $340 a week, up 6.3 percent over the past five years.

While it is good news for locals those in the city, especially Canberra, are paying a lot more with the average rent price sitting at a ‘sky-high’ price of around $540 a week.

After the latest report from Domain Sydney has been knocked off the number one spot of the highest rental price with the Australian Capital taking over the position.

According to Domain rental prices in Sydney have dropped for the first time in 12 years bringing the average to lower than those in Canberra.

As far as renting a unit outside of the city areas Albury was the cheapest with prices in the area sitting at around $200 a week. Wagga came in third cheapest in the unit rental numbers with the average weekly rental price sitting at $240 a week.