Power to the renters: Demographic changes give them new clout

For many Sydneysiders, renting or trying to rent is a brutal reminder of their true powerlessness in a society that values homeownership as shelter and investment. Through no fault of their own, renters have been made to pay the spiralling costs for a roof over their heads while owners continue to receive all sorts of assistance to ease their burden.Little has been done to help tenants face the runaway train of paying rent in Sydney.

For renters, Sydney’s longstanding affordability problem has mutated since the pandemic. Supply shortages, successive interest rate hikes and migration-fuelled demand have made it a leading cause of high inflation, cost-of-living pressures and homelessness., asking rents for a typical Sydney house hit $750 a week after rising 13.6 per cent – or $90 a week – over the year to March. The median asking rent for units hit $700, a 12.9 per cent increase – or $80 a week – in the same period.

The rental crisis represents a huge challenge to governments and oppositions. So far, they’ve fiddled around the edges, changing a bit here, a bit there, but the problem remains recalcitrant and continues to worsen.with a focus on well-located homes close to transport, jobs and existing infrastructure.

The proposals of the two Liberal MPs are a promising contribution to the debate about coping with the growing rental juggernaut.

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