The Sydney Morning Herald, 15 July 2022:
Some tenants in regional NSW are facing displacement and homelessness due to rents spiking 30 per cent since the start of the pandemic.
The majority of council areas outside Sydney posted double-digit percentage point increases in median rents in the past 12 months to June, the latest Domain Rent Report, released on Thursday, showed.
Some tenants in regional NSW are facing displacement and homelessness due to rents spiking 30 per cent since the start of the pandemic.
The majority of council areas outside Sydney posted double-digit percentage point increases in median rents in the past 12 months to June, the latest Domain Rent Report, released on Thursday, showed.
It has left local tenants priced out of their rental markets, forcing some to leave their home towns as their budgets are eaten up by falling wages in real terms and a rising cost of living.
Domain chief of research and economics Dr Nicola Powell said the record growth in rents was driven by a strong sales market during the pandemic as city buyers took homes off the rental market and moved into them to live.
“The supply of rental properties, but also the new supply pipeline of housing, hasn’t been able to keep pace with the change in demand,” she said.
“We’ll see more people fall into rental stress. It does make lower-income households extremely vulnerable.”
KPMG demographer and urban economist Terry Rawnsley also said skyrocketing regional rents were a hangover of the pandemic.
He said tenants with city incomes have pushed up rents rapidly and have snapped up the historically low levels of rental supply in the regions…..
Domain June 2022 Rental Report, excerpts:
What's happened to house and unit rents in your capital city?
Regional NSW
Suburbs/Towns NSW
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