In the city and inner south, total rental listings were down 40 per cent year on year while the eastern suburbs saw a 35 per cent drop.Available rentals in the inner south west fell 34 per cent and listings in Parramatta and the inner west dropped 33 per cent.
“It means there is more competition and it’s very tricky to secure a rental property at the moment – and when you do, you’re going to be paying a premium.”Renters on the Central Coast have paid the largest premium, with dwelling rents up more than 14 per cent over the past year. Mr Kusher said it was likely that rents would continue to rise, with renters potentially seeking out more units as house rents became unaffordable.
”I wouldn’t be surprised if there was a double digit increase for units over the next 12 months and a bit of a slowdown for house rents.”While rents in regional NSW were up 12.5 per cent over the year, Mr Kusher said signs of a slowdown were starting to emerge.“Places that were really popular early on in the pandemic have slowed down quite dramatically.”
Rents doubled from $500 to $1000weekly in Kensington, near UNSW, newly arrived Chinese students. Student Housing full.
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