‘Blown away by demand’: Why rents are only going higher
In the past 12 months, rents surged at a record-breaking pace of 14.6 per cent for houses and by 17.6 per cent for units as vacancies plummeted to a record low.
When Diana Eloise Binay and her partner got just two weeks to vacate their Sydney rental property a couple of months ago, they knew they would have to compete hard to get another rental property.
“We didn’t have much time to find another rental home, so we decided to offer 10 per cent to 20 per cent above the asking rent in each of the properties we applied for, but we were outspent by the competition most of the time,” Diana says.
