Rental prices for apartments in downtown Sydney have risen above inflation levels over the past year, according to the tenant Union.
The number of tenants also increased by more than 5% last yea
Rent figures based on deposit data show that although a large number of new buildings are on the market, Sydney's tenants are still facing acute affordability problems.
The number of tenants in Sydney is now unprecedented, and the total amount of deposits received by the deposit management is growing much faster than the population
In, Parramatta and Rockdale, Sydney, for example, the local government has built 5200 new apartments, but rents are still up by 5%
Rents have risen more than separate homes for two reasons, with higher-end apartments on the market and tenants willing to pay more to live in the vicinity of CBD. Real estate in the suburbs, especially in isolated housing, is not growing so fast.
Rents based on deposits have increased faster than those based on the asking price, because the final transaction is higher than the asking price. The asking price for stand-alone homes and apartments has risen 3.6% and 2.2%, according to SQM data, which shows that the rent for stand-alone homes and apartments has risen by 3.6% and 2.2%, according to SQM data.
Experts say that although a large number of new buildings went on the market last year, the vacancy rate did not increase, and the population grew faster than the supply of housing
According to the Bureau of Statistics, Sydney's Melbourne population is growing by more than one hundred thousand people a year, compared with just 40000 new homes in the two cities each year, the agency said.
