Apartment rents across Australia have increased six times faster than wages and house rents have climbed at triple the rate, leaving many tenants struggling to make ends meet.
The biggest rent rises for tenants were for units, which rose nationally by 22.2 per cent over the year to March - six times more than wage growth of 3.7 per cent.The outlook is bleak for people who are on low incomes now struggling to pay the rent, experts say.
Median house rents rose 13 per cent across the combined capital cities. Perth had the largest increase at 14.6 per cent, while asking rents rose 10 per cent in Sydney, 11.1 per cent in Melbourne and 12 per cent in Brisbane. “I think the initial jump in rents was a catch-up from COVID, but it’s now gone beyond that,” Hassan said.
Ryan Wright and his partner decided to buy after their landlord tried to increase their rent by more than $200 per week.The sharp hikes have pushed more fortunate tenants such as Sydney marketing professional Ryan Wright to buy property. “The laws mean landlords can only raise the rent every 12 months, so when the lease expired in March, we decided to buy because the repayments on our home loan are less than $1100 per week.”
Barry Plant Melbourne executive director Mike McCarthy said tenants were making tough decisions about where and what they are renting.
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