The time taken for a two-bedroom property to be rented has halved this year compared to 2009 when the market was inundated with them.

That is according to Coldwell Banker's Real Estate Rental Update for November 2010, which revealed that the average price for a two-bedroom was about the same as last year at just above $3,500 per month, but down considerably from the high of more than $4,500 per month two years ago.

The report also showed that, based on historical figures and recent activity, one-bedroom apartments were on the market 35 percent fewer days than the historical high for inventory in 2008, while prices had levelled off at just under $2,500 per month during 2010, representing a decline of almost $1,000 from two years previous.