Is renting cheap?

No.

Rent in Canberra has dropped around 10% in many areas over the past 4 months or so. You would pay about $380 now for an apartment that was renting for $410 three or four months ago.

If you are moving from Queensland i think you will find the rents to be quite expensive in comparison for what you get.

Yarralumla is a great location but it does not have a large stock of 1 bed 1 bath 1 car space type properties, so I could not say it is particularly cheap and would doubt that it is. Suggest you look at allhomes.com.au for more of an idea on pricing and availability.

We moved from Qld to here for work this year. In comparison to Qld, it's more expensive if you are looking for landed property in popular suburbs. But, similarly to Brisbane and GC-there are oversupply of apartments. So, it's pretty similar in price as long as it's not in popular suburd near to city.

Our most unpleasant experience is with the real estate. The real estates in ACT are mostly very unprofessional and conduct their own rules of law at most times. Our agent is constantly out of the Tenant Union ACT guidelines. We are house owners in Qld and thus, we are speaking from both tenants and owners' perspectives. ACT is a land with no respects to tenants rights and this is definitely not in owners' interes too.
It's very frustrating and we are looking forward to moving back to state with better regulation and better respect to tenants'rights.

My only advice is research your prospective real estates carefully if you are renting. In ACT, the bad ones are more commonly encountered

It does seem pretty expensive, but with the houses I've found searching around on different websites, it's worth it. Some can be up to 2,400 dollars, and other can be only 100 dollars. What i'm trying to say is that you get what you pay for.

Renting is more expensive for what you get than Sydney.