Intense competition to find more affordable homes in Sydney has driven unit rents up $50 per week since last year. Can it continue?
Intense competition to find more affordable homes in Sydney is driving up rents for units, which rose another $20 to a record median asking rent of $720 a week in the past three months, new data shows.
For houses, the nearby inner south-west jumped 6.3 per cent – or $50 – in the past three months to $850, and is up $100 in a year. She said despite Sydney’s vacancy rate edging up to 1.2 per cent, conditions were unfavourable for tenants., an additional 6000 rentals are needed to increase the vacancy rate to 2 per cent, or an additional 14,000 for 3 per cent.
Sydney renter Marianna is moving back to her investment property in western Sydney because her rent is too expensive for the quality of her apartment.“I’ve been looking for another apartment in that area, and we’d have to go as far as Hornsby or Asquith, that’s the perimeter of Sydney, to get the same value,” the accountant said.
He called for an end to no grounds evictions and for the NSW government to look at rent increases, plus investment in public housing.
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