The Sydney property market has seen rent prices in the city drop by more than $100 amid the coronavirus pandemic as renters return home or move in with others to share costs.Rental vacancies have increased as people return home amid the pandemicInner Sydney currently has a 13.8 per cent rental vacancy rate, compared with 6.5 per cent last year, the latest data from SQM Research shows.
"There's more scope now in terms of vacancies for tenants to negotiate a lower rent than there has been in any time that I can remember," said Chris Martin from the City Futures Research Centre at UNSW. "We've just been pretty lucky that we've found a few places that are probably a bit cheaper by, say, $100 or more, than what they'd normally be," said rental inspector Matthew Baker.
The changes within the market are being caused by a number of factors related to the coronavirus pandemic, including renters returning home and relationships taking the next step.
Does that mean you'll advocate for some relief for the landlords?
The result of our elected masters running the show. Their level of intelligence is wanting. An IQ below 75 retarded level is suggested. Common sense and lateral thinking is not in their thinking. Not enough intelligence to run a bath!!
Renters have reduced rent. Landlords are suffering. And the banks are still collecting all the interest. Why doesn't the government lean on the billion dollar profit banks? Too weak Morrison.
Yeah, good. Now maybe some of the little people you expect to do cheap, casual work for you can find somewhere to live.
Flooded with AirBnB units Quite enjoyed not have AirBnB deadbeats kicking up noise every weekend in the block. I hope the investors ignoring strata bi-laws and fire safety code go under TBH. Their greed has caused misery for people who live nearby for the past few years.
'Even people who aren't technically affected by COVID can talk to their real estate agent or talk to their landlord about reducing the rent,' Dr Chris Martin said. 'Because the market has moved down as well.' 🤣 Has Dr Martin ever rented, or spoken to to a property manager?
Just shows how broken realestate is in Sydney.
Hasn't dropped in Coffs Harbour
Just goes to show how a market works and works efficiently.
Rents are SO high all the way up to Newcastle. It's difficult to get by with the greed going on. cc:too_sirius
Are you serious? Sydney?
Little Shanghai taking a hit, Im so gutted..
My cell has a officer by the name Chad leethim connected to it. It platforms australia , this is why such an increase. CIA ties CIA CN_Australia MARKRAEMOND DarthVader
This is bullshit. Might apply to the higher end of town but Sydney rentals at the lower end have hardly moved. How about some actual data instead of just quotes?
Suck it! Glad to see Karma biting the ass of greedy landlords. Bubble has FINALLY burst, big time!😂
...needs to drop another 100...