The sharp rise in rent of at least $100 a week comes as the number of vacant rental homes dropped to record low levels in the past 12 months.
Landlords who own residential investment properties in pockets of Sydney and the Gold Coast are poised to reap at least $5200 in additional annual rental income amid surging demand and record low vacancies, analysis by Suburbtrends show., which is predicted for 28 suburbs around the country, comes as the number of vacant rental homes dropped by 46.6 per cent nationwide in the past 12 months, according to Domain.
“The supply of rentals in the coming 12 months will fall well below what is required to keep rents from rising,” Kent Lardner, founder of Suburbtrends, said. House rents in Yowie Bay and Port Hacking in the Sutherland area, as well as Woodpark in Merrylands-Guildford district, are also expected to swell by $100 a week or more in the next 12 months.
Over the past year, rents have increased by $85 a week in Burleigh Heads, by $100 in Merrimac, by $90 in Varsity Lakes and by $130 in Robina. “For many households earning less than the national average income, the level of these rental increases may be a tipping point. Moving to a nearby suburb in these regions is not an option as the entire area has seen a jump of $100 or more in the last year.
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