Go west, if you can: desperate Sydney tenants priced out of rentals, even far from CBD

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Applicants are being forced to pay more rent for less, and those who can’t miss out entirely

It is Khadka’s 11th rental inspection. Her expectations have shrunk from a three-bedroom apartment in Strathfield to a two-bedroom unit anywhere in the surrounding suburbs, and her budget has increased by $100 a week to $700.“It’s really tough out there, because I don’t want to go too far, I want to live closer to the city, not further from it,” she said. “We didn’t expect the market to be this competitive, and this expensive.

The number of renters per available property had risen by 28% year-on-year, according to the June 2022 rental report from property analysts PropTrack, and Sydney and Melbourne had the greatest increases. Maya, who asked to go by her first name only, is a single mother of four-year-old twins. She was given just two weeks’ notice to vacate her rental home in Yagoona. That was extended to four weeks after she begged her landlord, she said.

‘We haven’t seen a rental market increase like this in many, many years,’ says Matthew Everingham, a director and auctioneer at Richard Matthews Real Estate“They told me it was my problem, that I could end up on the street with my twins.” “I think the lack of supply is a real catalyst for the competitive nature of the rental market. If there’s not many available, and you’ve got a large amount of prospective tenants looking, then, of course, you’re going to get that demand.”

 

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