The ABS says tenants in inner Sydney and Melbourne have not experienced the same dramatic rent increases as elsewhere, but that could be coming to an end.
The majority of rentals in inner-city Sydney and Melbourne cost less to lease now than before the pandemic, but a rapid decline in vacancies is poised to put an end to an extended period of flat rents.
Many of those renters are unlikely to have experienced a recent lease renewal or moved homes, with newly advertised rents increasing by 22 per cent across Australia’s capital cities over the past 12 months, according to real estate research house SQM.Advertisement “Nonetheless, the rental market has tightened significantly in inner-city areas over the past year, particularly for new tenancies that have experienced large rent increases.”
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