Long searches, skyrocketing prices, and diminishing quality. Sydney has become a landlord’s market, and desperate renters are paying the price.
It's a far cry from the height of the pandemic, when the lack of international migration drove down rental prices and drastically increased vacancy rates. Across Greater Sydney, the vacancy rate peaked at 3.8 in April 2020, with similar highs recorded later in the pandemic. "Waking up early in the morning, the first thing is that thought: get a house, a place, so you can have a roof over your head."
Even though the price is above what she would like to pay, Mary says she's going to apply for the property. But she's not feeling optimistic. "They're all going to apply," she says, referring to the handful of other groups there for the inspection. "So we're going to apply, too."The real estate agent also expects the property to go quickly; it's a modern family home with a yard, located right near Casula Public School.
Unlike those queuing up for inspections, Michael doesn't see the booming rental market as an entirely bad thing. "It depends what side of the fence you are on," he says, "if you're a tenant, you're probably not liking what is happening, if you're a landlord, you're probably feeling a little bit relieved."
Laila is hoping to move to the inner west with her partner to be closer to her job in the city, but outside an inspection for a two-bedroom apartment in a nondescript, red-brick building in Marrickville, the pair aren't optimistic about their options.
They should definitely add 2 million more people as suggested.
Go to a tribunal and have the case heard
In my building of only 5 units, 2 are airbnb. The demographics of the remaining 3 rented out are 20s to 30s. This is in an Eastern suburb.
Sydney itself is a nightmare, I wouldn't want to live there.