‘Worse before it gets better’: Renters face stiff competition for homes

The national rental vacancy rate is at a record low of 0.9 per cent, Domain figures show.

Tenants are facing record low rental vacancies – fewer than 1 per cent of rentals were left empty in August – and experts fear the situation could worsen in the months ahead.The national vacancy rate held at 0.9 per cent last month, down from 1.7 per cent the previous August, Domain data shows, and the proportion of empty rentals in Sydney, Melbourne and Brisbane more than halved year-on-year.

“The average household size has fallen, and the Reserve Bank estimates … this has added demand for an extra 140,000 homes, offsetting the fall in population growth,” he said.The reopening of borders, and rebound in international student numbers, was adding to rental demand, Coates said. An increase in the number of permanent skilled migrantsLoading

Tenants were offering to pay rent months in advance, sign longer leases, and pay more than the advertised rate to try to secure a rental in the competitive market, Milillo said, but noted this was not encouraged by property managers. “We’ve had a surge in people talking about financial stress from rent increases varying from $30 per week to up to $320 per week in one very stark case,” she said.Even those with a good savings history and referees were struggling to find a modest home, she added. Some were forced to move towns, including a woman in her mid-50s who resorted to a room in a share house two hours away.Tenants’ Union of NSW chief executive Leo Patterson Ross said the state of the rental market was “a disaster”.

Weehoo!

Going to get a lot more interesting once the immigration Ponzi is restarted.

Legalise squatting. Give property owners sufficient grace period. But something needs to be done about the 1m+ empty residential homes we have in this country.

Would be good if the AGE also highlighted that there was a possible solution to providing rental housing killed off when the developers and Liberals attacked the proposed levy from part of the savings in streamlined approvals announced by the Andrews Government.

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Source: theage - 🏆 8. / 77 Read more »

Sydney and Melbourne rents surge, but headed even higherThe return of international students and new boosted immigration numbers will likely place further upward pressure on rents, which are already surging at a rapid clip | jcollett_money jcollett_money Have you sacked BevanShields yet? jcollett_money If we can’t fix the housing crisis we may as well blow it up by making it way worse to breaking point of society. Perhaps it’s the only way to correct. jcollett_money Can we just get rid of all borders and be done with it
Source: smh - 🏆 6. / 80 Read more »

‘Worse before it gets better’: Renters face stiff competition for homesRent hikes of up to $200 between tenancies, house hunters who have applied for more than 100 properties – and little relief in sight. Here’s what a record low rental vacancy rate looks like. Would be good if the AGE also highlighted that there was a possible solution to providing rental housing killed off when the developers and Liberals attacked the proposed levy from part of the savings in streamlined approvals announced by the Andrews Government. Legalise squatting. Give property owners sufficient grace period. But something needs to be done about the 1m+ empty residential homes we have in this country. Going to get a lot more interesting once the immigration Ponzi is restarted.
Source: theage - 🏆 8. / 77 Read more »