A report by HOOD.ai has revealed rental prices are set to hike for flood ravaged suburbs

A damning report has revealed towns and citizens already struggling due to flooding may soon see rental price hikes. The towns include Tweed, Ballina and Byron, with some areas seeing up to 50% price increases over a year. See what the report predicts.

A report by HOOD.ai has revealed several suburbs in the flood ravaged Northern Rivers are likely to see rent spikes.

The report – which analysed the past 12 months – highlights the areas Tweed, Ballina and Byron as

The report looks at rental prices and vacancy rates for each NSW suburb that had ‘ legitimate rental markets’ and excluded towns with less than 500 people.

The top 20 suburbs saw at least a 25 per cent increase in rent during the past 12 months as Covid refugees and homelessness due to flood put pressure on the regions already strained rental market.

In these suburbs, vacancy rates are one per cent or less and, in some cases at zero per cent, meaning all rental properties are being filled in less than 21 days after listing.

The demand is so high that people with pets, kids or the elderly are falling through the cracks.

Louise Dwyer said she was homeless before the floods and now her chances are even slimmer of finding a home.

Louise Dwyer with her partner Mike and son Phoenix as they pack up and leave the Ocean Shore evacuation centre, in search for a permanent home.

“It is now near impossible to find anything affordable with kids and pets,” Ms Dwyer said.

“As traumatic as the floods were, this is worse. Not knowing where you’re going to be next.”

Cloe Yager is 23-year-old and three months pregnant, she said the rental market in Coraki has been “unaffordable for low income earners” in the past two years.

“I finally found a place then the floods wiped me out,” Ms Yager said.

“It scares me – I don’t know what’s going to happen, I may have to raise my kid at my parents,” she said.

Of the 20 suburbs where rent hikes are likely, 19 are in regional areas and seven are on the Northern NSW coast.

The suburbs listed include coastal towns including Bogangar, Hastings Point, Brunswick Heads, Lennox Head, Tweed Heads, Ballina and Iluka.

Thirteen of the suburbs are considered “house” markets while seven are unit markets.

HOOD.ai CEO Tommy Fraser said the report clearly highlights the rental crisis, a pivotal point of concern as the federal election approaches.

“Vacancy rates are low in many parts of New South Wales, and often falling as well, which is putting upward pressure on rents,” Mr Fraser said.

HOOD.ai CEO Tommy Fraser said the report clearly highlights the rental crisis, a pivotal point of concern as the federal election approaches. Â

Many residents in these flood-affected regions are unable to find rent due to the lack of rental properties available and the rising cost of rents.

For those who have already lost their homes – and have either been unable to receive payments, or were not insured for their damaged property – they are now considering leaving their towns.

“Traditionally, when renters get priced out of an area, they tend to shift to a cheaper suburb nearby, but that’s become increasingly hard in the current market,” Mr Fraser said.

Mr Fraser said residents are being forced to “move even further in search of affordable accommodation”.

He said many of these regions will boom in the coming rental review, with many surrounding areas set to follow suit.

“If you live in any of the suburbs mentioned in this report, there’s a strong chance your landlord will increase your rent at the next rental review,” he said.

Bogongar is topping the increased rental prediction rate, with a 52% increase from an average of $425 to $650.

Every day citizens who have already been crushed by floods may continue to suffer as ongoing debates around solutions to NSW’s rental crisis continue from the top.

NSW’s top 20 suburbs where rent is likely to increase:

NSW’s top 20 suburbs where rents are likely to increase, according to HOOD.ai.