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My husband and I hired hybrid bikes from here for 11 days, for $10 a day each. The longer you hire, the cheaper the rate. Bikes came with locks, helmets and optional baskets. Hire process was quite easy and we were able to pump the tires with air first before leaving. Only problem was that the seats were very hard and uncomfortable for us, and we had to buy some seat covers from another store to help remedy this.
Approximate cost: $220
I want to add that if you are staying in Adelaide long er than a week, it's best to buy your own bike and bring it. Adelaide is a great place for cyclists.