Sydney’s rental stresses have continued to worsen, with new data suggesting rental prices are surging – leaving would-be tenants unable to move into the market.
The September Prop Track Market Insights report found that the share of properties listed for rent on realestate.com.au for less than $400 per week had fallen to a record low of 10.6 per cent last month.
This figure has plummeted by almost 50 per cent, down from 20.1 per cent recorded at the start of the pandemic.Homes were even more difficult to rent, with only 5.9 per cent of houses listed for rent under $400 per week – down from 10.9 per cent in October last year and 17.3 per cent at the start of 2020, a drop of around two-thirds.
PropTrack Director of economic research and report author Cameron Kusher said as the supply of rental properties continued to tighten, the number of listings under $400 per week would reduce even further into 2023.
Much of these rental stresses are a by-product of rental supply remaining the same as well as rapidly rising interest rates, in current times.
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