Sydney Rental Crisis Escalates as Rents Hit Record Highs

Sydney rents have hit record highs and experts warn the city’s rental crisis has become entrenched, escalating pressure on middle-income earners, under-40s and anyone priced out of home ownership . Asking rents for a typical house hit $750 a week after rising 13.6 per cent – or $90 a week – over the past year to March, the latest Domain Rent Report released on Thursday showed. The median asking rent for units hit $700, a 12.9 per cent increase – or $80 a week – in the same period.

Experts say the persistent escalation of the rental crisis is a leading cause of high inflation, cost-of-living pressures on households, and homelessness. Domain chief of research and economics Dr Nicola Powell said strong demand accelerated Sydney’s rental market. “We’ve seen strong levels of population growth, we haven’t seen enough investment activity and affordability constraints of purchasing a home rose. The trend of greater household formation is still there, so we need more homes to house the population,” Powell said. She said there could be some signs of the rental market stabilising throughout the year as population growth had peaked, visa applications have turned a corner and there were fewer views per rental listing. “Budgets are stretched, and the affordability ceiling is apparent. What happens is people move suburbs, they opt for a different property type or go into a share house. For others, it might mean fast-tracking a purchas

Sydney Rents Record Highs Rental Crisis Middle-Income Earners Under-40S Home Ownership Inflation Cost-Of-Living Pressures Homelessness Population Growth Investment Activity Affordability Constraints Household Formation Rental Market Stabilizing Suburbs Property Type Share House Purchase

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