Are you ready for your rent to go up? Domain's latest Rental Report shows rents are rising to 89 per cent for a house and 57 per cent for units.
Is your lease soon to expire during the most significant increase in rental prices in 13 years? Expect it to go up quite dramatically in some locations
Rent is rising across the nation as units and houses record their highest price increases. Units rose to the uppermost rental price in eight years while housing levelled up to a peak of thirteen years, with Elanora Heights taking out the highest percentage increase for a median rental home at over 45 per cent weekly.
At the peak of Covid, vacancy rates fell to six per cent, and less than two years later, we're in the ones
As competition heats up for vacancies in sought areas, tenants will need to be armed. A complete application, tenancy history and some bartering over a few extra bucks will help secure that new lease, or you may get priced out of the process altogether.
Landlords will no doubt have to raise rents. Impending interest rate increases, the lowest rates of housing availability in a decade and no end to the necessity of builds required to satisfy an insatiable residential housing market - We're in for a long-term rebalancing and property owners and investors will be the beneficiaries.
Read our previous article The Lowest vacancy rates in history; give landlords the upper hand for some insights into the current market and what's in store from both sides of government as they lie, vie, promise and soundbite their way into power.
Lower income housing will remain an issue
CEO of The Australian Council of Social Services (ACOSS) was not mincing words when she said, "How is someone on JobSeeker, on $46 a day – just $16,700 a year – supposed to pay the rent or buy a home? How is a pensioner in severe rental stress going to buy a home? Without major housing policy changes, this situation is likely to continue to deteriorate. The next federal government has to address the housing affordability crisis head first."
Top 10 suburbs for rent increases
Houses and Units
Top 10 suburbs for rent decreases
Houses and Units
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Until next time and thanks for yours!