It's great news for local investors but an impending nightmare for renters.

A new report has forecast Canberra rents will jump by nearly ten per cent this year.

The increase to put local prices on par with Sydney's.

According to Australian Property Monitors, Canberra rents are about to go through the roof. Strong demand, high housing prices and increased interest rates to see the median weekly rent hit four hundred and seventy-five dollars.

Local prices much more than Melbourne and inching towards Sydney.

Darwin still the most expensive place to rent.