Rents growing faster than pre-pandemic: ‘Extremely outrageous’

Rents have skyrocketed around the nation, and are now rising at the fastest rate since the pandemic.

Rents have risen 11.1 per cent in the past year, according to new data from PropTrack, with the national average sitting at $530 per week.

The most expensive city was Canberra, where the median rent for a house was $690 per week, or $550 for a unit.

This was followed by Sydney, where the median price for a house was $650 per week and $550 for a unit.

“Advertised rental prices continue to grow rapidly across the country. Rents, nationally, are up 11 per cent over the past year in response to ongoing strong rental demand and very low vacancy rates,” PropTrack senior economist Paul Ryan said.

“With rental market conditions extremely tight, we expect rental prices will continue to climb. This is particularly the case in capital cities, where rent increases have not yet eased since accelerating in early 2022.”

The data will come as little surprise to those renters doing it though. TikToker Chantelle Schmidt has been regularly updating her followers as she fights against her landlord demanding a $350-a-week rent increase.

“We were told the landlord was very stern on not negotiating the rent increase,” Schmidt said in a video.

“We decided our next step was to take it to tribunal.”

Schmidt said while the matter was still waiting to be heard by the tribunal, the landlord had suggested they were open to negotiating, and proposed slashing $50 off the increase to bring it down to $300 more per week.

“$300 is still extremely outrageous. We’ve been in our house for 11 years and it only goes up by $20,” one person commented.

“This offer of a $50 discount in the increase tells me [the landlord] thinks [they’ll] lose at the tribunal,” another TikTok user said.

 

article from: au.finance.yahoo.com