An inner Sydney suburb recording rental hikes of up to 70 per cent has emerged as the latest flashpoint in the harbour city’s ever-escalating rental affordability crisis. 7NEWS
An inner Sydney suburb recording rental hikes of up to 70 per cent has emerged as the latest flashpoint in the Harbour City’s ever-escalating rental affordability crisis.
One Zetland resident questioned the fairness of their rental increase, from $680 to $1150 per week, on their local community Facebook group but felt powerless to do anything. “It’s not just a story about Zetland — this is happening across a lot of inner-city apartment markets,” Lawless said. Another renter revealed that she was moved from Zetland to Leichhardt several weeks ago, when she was a given a 40 per cent rental increase.
“I’m beyond disappointed,” she added. “The house hunt is ridiculous, with people offering stupid amounts over the asking price.”Lawless said renters did not have the same “elasticity” as homeowners, who can secure lines of credit from the bank. The highest average annual rent increases up to February 2023 were for Botany units with a 25 per cent hike, which translates to an average increase of $151 per week.“It’s entirely due to supply and demand,” Lawless said. “Normally, you don’t see rental markets moving alone with interest rate changes.”
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