A Sydney teacher has revealed the depths of the city’s rental crisis as he and his housemates said they were forced to move due to an eye-watering price hike.
As data shows housing numbers have fallen, leading to a huge increase in rental prices, a Sydney teacher took to Facebook this week as part of a search for new accommodation.
According to the man, he and his two housemates were forced to leave their home in Sydney’s eastern suburbs after their landlords asked for an increase in their weekly rent.
“My two roommates and I have been renting… since January 2019,” he said.
“We unfortunately have to move on February 3rd due to a $1200 per week increase.
A Sydney teacher has revealed the extent of the rental crisis after being forced to move due to an eye-watering rent increase
Tenants queuing outside a Bondi rental property on Saturday show the rental crisis is still in full swing
A report from PropTrack shows that rents have fallen by 30 percent compared to last year
The primary school teacher said he and his housemates had good references and were willing to pay $1,500 a week for a three-bedroom, two-bedroom house in the eastern suburbs.
“So far we haven’t been able to find a place,” he said.
The man’s story has become commonplace in the Australian capital over the past 12 months as rising rents further exacerbate the cost of living.
There were long lines in Sydney on Saturday as hopeful tenants lined up to inspect potential properties.
Some apartments attracted dozens of applicants, as competition for a limited number of houses and apartments became increasingly fierce.
And conditions for tenants are expected to remain difficult into 2024.
According to data from the latest PropTrack Rental Report, rental listings were at record low levels.
Over the past year, the average rent had risen 11.5 percent to $580 per week, fueled by limited demand.
The Albanian government has vowed to curb the number of immigrants after more than half a million people flooded into the country last year, increasing competition for rental properties
PropTrack expects the market to remain difficult into 2024 as the number of new homes built will not meet demand (Photo: Tenants inspect a flat in Bondi)
The report found that due to population growth, rental inventories were at record lows, forcing renters to pay more.
In December, the number of new listings on realestate.com.au fell 20.7 percent from the ten-year average and 4.6 percent from a year earlier.
Similarly, total listings fell by a whopping 30.2 percent compared to the December 10 average, following a 4.7 percent decline over the past 12 months.
‘The rental market in 2023 was characterized by low supply and strong demand. These conditions made it difficult for renters to find housing and saw landlords raise rents, a trend likely to continue into 2024,” said Cameron Kusher, director of economic research at PropTrack.
‘While we expect rental prices to continue to rise this year, it is likely that the rate of growth will slow.
‘The already higher cost of rents and the overall increase in the cost of living will limit rental price increases in the future.
‘For renters looking to purchase a home, higher rents make it difficult to make a down payment, while higher interest rates make paying off a mortgage more expensive.’