$182k a year to live in Adelaide’s most expensive rental

Mystery tenants are forking out the equivalent of almost four mortgages after taking the keys to Adelaide’s most expensive rental property.

For the princely sum of $3500 a week, the new tenants moved into the Beulah Park home earlier this month, having signed a two-year lease that will cost $364,000.

The eye-watering sum has set a new record for South Australia’s priciest rental.

It is nearly four times the mortgage repayment most Adelaide families will pay over the same period on a median priced – $820,000 – home, after the RBA cut interest rates to 4.10 per cent last week.

It is also more than five times the median weekly rent paid for homes in the tightly-held eastern suburb, which is currently $650, PropTrack data shows.

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Adelaide’s most expensive rental looks unassuming from the outside.

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But once you step past the front door, you’re sure to be impressed.

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A large wine room is a highlight of the home.

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As is the dedicated home gym.

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Giordano and Partners head of executive leasing Marissa Beck was tight-lipped on who secured the luxury duplex but said the lease was negotiated off-market in December and the tenants moved in a fortnight ago.

She would not disclose whether the tenants – believed to be a couple – were local or from interstate or overseas but did confirm the fully-furnished home had attracted interest from at least one other international client who was looking to relocate to SA.

The home, which features five bedrooms, a gym, sauna, steam room and a swimming pool, is just 15 minutes from the CBD and close to boutique shopping, popular eateries and prestige schools.

Ms Beck declined to say whether the tenants had children.

Built by renowned luxury home builder Precision Homes, the sprawling three-storey residence was completed last April and previously used as a display home.

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Outdoor entertaining is a must in this home.

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The open-plan kitchen, dining and living space.

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The home also comes with five bedrooms

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One of the luxurious bathrooms.

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“Precision Homes did (built) an incredible property and it obviously suited the clients’ needs,’’ Ms Beck said.

“For such an enormous (rental) price, even though it’s a duplex, it has so many great features – the wine room, steam room and sauna.

“There’s multiple bedrooms and lots of living space.

“These clients do a lot of remote work so there’s an office space that suited and there’s also a theatre room and a swimming pool.’’

Ms Beck said while the executive rental market was small, there were still people willing to pay upwards of $1400 a week for high-quality rentals.

Asked to predict how much higher Adelaide rental prices could go, she said “it’s a possibility’’ luxury homes could reach $4000 a week.

“At the moment there aren’t obviously an abundance of properties achieving huge prices so it is hard to say,’’ Ms Beck said.

“But I definitely do believe there’s always going to be a market for these high-quality \ properties.

“It’s a small market but there’s definitely still a market.’’