Rental Crisis
Shocking Rental Crisis
https://www.smh.com.au/property/news/whiplash-rental-crisis-deepens-as-sydney-unit-rents-jump-120-a-week-in-a-year-20230404-p5cy0w.html
Sydney's rental market crisis is worsening as house and unit rents reach all-time highs. According to the Domain Rent Report, the median asking rent for units rose by 24% to $620 a week in the year to March.
The steepest annual rises for units were recorded in the city and inner south, up by 31%. Meanwhile, house rents hit a record of $660 a week.
Source: Domain Rent Report, March quarter 2023
Source: Domain Rent Report, March quarter 2023
The increase in demand from locals and overseas migration amid low vacancy rates has pushed rents higher, and experts predict that this trend will continue. Reserve Bank Governor Philip Lowe has warned that rent inflation is likely to stay high for a while.
Financial counselors have been receiving calls from renters in financial stress, and the pressure on renters is expected to increase. The situation is forcing middle-to-low income households out of once-affordable regions of Sydney while others are stuck in unsuitable homes.
