We all know it is impossible to find somewhere to rent in Sydney. New figures released today show just how bad it has become.
According to the recent report from Proptrack on Sydney’s rental market, the number of available places to rent is 18.2% lower than last year, making the second year-on-year decline on record.
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In today’s episode of THIS ARVO IN SYDNEY, we are joined by Cameron Kusher from poptrack.com.au to talk through the numbers; and our very own producer Simon Beaton, who has been out and about every weekend trying to secure somewhere to live.
Beaton shared his experience on finding a house in Sydney. He said one place he went for in the inner city ended up being rented out for $125 over the initial price it was advertised for.
Despite rental bidding being illegal in NSW, it seems real estates are still accepting tenants’ offers way over the asking price.
60 people, 80 people. People line up 20 minutes before a house opens, which is 10 or 15 minutes that they’re usually open. People are just queuing up, lining up. Insane,”
he said.
Proptrack says the issue comes down to supply and demand as not enough houses were available.
Unfortunately, this issue is set to be exacerbated as Sydney, particularly the West, prepares for an influx of immigrants over the next two years.
Kusher said there was “so much demand” with “so little” competing stock, and people looking to rent were forced into a difficult situation to find properties.
We’ve seen investors leaving the rental market. We’ve seen fewer investors coming in, and it’s created this situation where there’s way too much demand and not enough supply,”
Kusher said.
Hosted by Sacha Barbour, This Arvo in Sydney is a 10 to 12 minute daily news podcast made just for Sydney! Listen now on the Listnr app.