Sydney landlords have been forced to slash rent by 25 per cent in some suburbs as tenants seek to renegotiate their lease or move out for a better deal.
Across Sydney as a whole, rents fell 6.1 per cent for houses and 4.9 per cent for units in April 2020 compared with 12 months ago. These were the biggest falls nationally. Emily Sim, the chief executive of property management for the Ray White Group, said JobKeeper and the guidelines on rental relief had helped stabilise the rental market but tenants had the upper hand.
Phuong Nguyen, 33, moved out of her terrace house in north Newtown after her employer cut salaries and her flatmate was forced to return home to the United States. Sylvana Ciccotti, director of property management at Callagher, said another 5-7 per cent of tenants had negotiated cheaper rent without going through the COVID-19 hoops by pointing to evidence their rent was out of step with market rates. She is advising landlords to upgrade their properties to compete.
niltiac Is this chicks better deal moving closer to Maccas?
niltiac It’s a frickin awesome time to rent, owners suck it up. You’ve had it great for a long time .
niltiac Good news. The rentier class needs to be pruned back substantially. Labor should be far more value than capital
niltiac It’ll be different reality later this year after jobkeeper & jobseeker finish plus the 6 month moratorium by the banks ends too-it’ll get ugly.
niltiac charlie_somes
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