Rent Prices In Sydney Are Literally The Highest They’ve Ever Been
"Many NSW renters don't know where they will be living from year to year or in some cases from month to month."
Rent prices in Sydney have literally never been higher according to a report from Domain which found that the average cost to rent a house is now a whopping $650 per week.
Average rent prices have reached new historical highs in Sydney, with even apartment prices sitting equal to a 2018 record high of $550 per week. The recent report published by Domain found that the record-high housing prices coincided with record-low rental vacancy rates of 1.1 percent.
According to Domain, 2022 also saw the highest annual increase in apartment rent prices since the company began record keeping in 2004. Greens MP Jenny Leong warned that the current economic situation could put renters at risk of no-grounds eviction notices as their landlords try to take advantage of the situation.
“If a landlord believes that they can get more money for a new tenant, they can simply terminate the lease of the existing tenant with no grounds and no good reason,” Leong told AAP.
“Many NSW renters don’t know where they will be living from year to year, or in some cases, from month to month.”
The announcement comes as the National Rental Affordability Scheme which subsidises rent for people on lower incomes is due to end by 2026 after being axed by the Liberal government in 2008, with approximately 32,930 renters exiting the scheme across Australia every five years.
While the federal government has promised cost-of-living relief measures in the upcoming budget, the report comes as Sydney is predicted to overtake Canberra as the most expensive city for renters within the next few months.