Tenants face tough conditions over the next 12 months as the rental market contracts further
The national rental vacancy rate is at its lowest point on record, tightening for the fifth consecutive month to 0.9 per cent, the latest Domain Rental Vacancy Report shows.
Priced out buyers, from first home owning hopefuls to upgraders, have spilled back into the rental market, putting pressure on rents, experts say.Available rentals in Sydney have almost halved to a record low of 1.3 per cent in July, down from 2.4 per cent in July last year. Perth and Adelaide’s rental markets continue to tighten and remain the most competitive cities for tenants, falling over the month to a record low of 0.5 per cent and 0.2 per cent respectively.
“The rental market remains firmly in favour of landlords across every capital city, with a shortage in rental supply driving up asking rents and further escalating competition between tenants.Impact Economics and Policy economist Dr Angela Jackson said the country’s two largest capitals were starting to tighten like other rental markets around the country have been since the pandemic hit.
“Even for households on medium incomes, that stress is likely to spread to our capitals like Sydney and Melbourne in the next 12 months.” “We’re firmly against the idea that an increase in interest rates should be passed onto renters who are on lower incomes and in less financial stability and with fewer assets. If you don’t own the property you shouldn’t be paying more than someone’s mortgage for less of the benefit.”
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