Analysis: The rental crisis is growing, with the cost of renting a capital city house soaring about 15 per cent over the past 12 months, with the cost of renting a unit jumping about 13 per cent
The rental crisis is growing, with the cost of renting a capital city house soaring about 15 per cent over the past 12 months, with the cost of renting a unit jumping about 13 per cent.
In April, there were just under 13,000 dwellings for rent in Sydney, compared to more than 23,000 a year earlier. Financial markets are expecting the Reserve Bank of Australia to follow its 0.5 percentage point rise in the cash rate earlier this month with another increase next month, with several more forecast by economists beyond that.
The dearth of regional rentals is being driven not only by a lack of supply, but by increasing demand, particularly for detached houses, due to the work-from-home trend and people seeking a better lifestyle, says Arjun Paliwal, head of research at buyers’ agency InvestorKit.