Weekly rent on this ‘room with a poo’ is up $140 since 2020, a reflection of Australia’s rental crisis
in 2020 for $380 – the additional $140 demanded a reflection of the city’s rapidly rising rents. CoreLogic’s quarterly rental review for the third quarter of 2022 showed the median rent in Sydney had grown by 10.3% over the past 12 months.
With vacancy rates sitting at a national record of only 1.3%, demand is expected to remain high. Kaytlin Ezzy, a research analyst at CoreLogic, said there had been an “unprecedented” growth in the market in recent years. “We saw rents fall marginally over the first few months of Covid, but, since August 2020, national dwelling rents have surged almost 20%, equivalent to a weekly rent rise of approximately $90 a week.”Our Australian afternoon update email breaks down the key national and international stories of the day and why they matter Newsletters may contain info about charities, online ads, and content funded by outside parties.
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