Housing NSW's excellent Rent and Sales Report is out today, with figures for median rents for new tenancies starting in the quarter to March 2009. Over the year to March, median rents increased painfully – between eight and 11 per cent (eight per cent in inner Sydney and for New South Wales, over all, higher in middle and outer Sydney) – but what's really interesting is what happened in the most recent quarter:
Sydney, inner ring: down 1.3 per cent
Sydney, middle ring: no change
Sydney, outer ring: no change
New South Wales over all: down 1.5 per cent.
That's the recession starting to bite: more and more tenants don't have the incomes – or even the jobs – to keep paying higher rents.
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