Monday, January 30, 2017

Latest Rent Tracker release

Today we have released the second issue of Rent Tracker which brings together the Rent and Sales Report as well as data from various other points to give you a clear and easy way to understand rent movements in New South Wales.There are more tenants in NSW than ever before, with bonds held in the Rental Bond Board rising much more quickly than the population.


For tenants renting houses in the west of Sydney there hasn’t been a lot of movement in rents for new dwellings over the last year. Of course that’s no guarantee a sitting tenant hasn’t had to deal with a rent increase or two. 

Rent prices for new leases in apartments have increased and decreased in different amounts across Sydney over 2016.
Interactive, and larger versions on tenants.org.au/tu/rent-tracker
However, for tenants in units there has been a lot of new stock coming on to the market - and because homes are not like other items, this means median rent prices have gone up, not down. A new building is generally nicer than both the building it replaced, and the other, older properties still on the market. This difference means it rents at the higher end of the scale, pushing the median rent higher.

For example Sydney, Parramatta and Rockdale LGAs together added more than 5200 new apartments in the last year, and new rents went up about 5% in each of those areas.

Greater Sydney generally added more than 27500 new rented homes to the market, with the fastest growing areas Camden lodging 20% more bonds than this time last year, and Lane Cove just over 15%.

The renting population of NSW also grew, though somewhat more slowly. Lithgow-Mudgee and Lake Macquarie both saw increases of around 6% of rental stock and were the largest increases outside of the Greater Sydney area.

Get the full edition of Rent Tracker, as well as interactive versions of these maps on tenants.org.au/tu/rent-tracker

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