Eye-watering disclosure reveals depth of Sydney rental crisis revealed

Renters in Sydney are facing a crisis with one man revealing he was slugged with a 92 per cent increase, forcing him and his mates to move.

A Sydney teacher has revealed the depths of the city’s rental crisis as he and his housemates say they were forced into moving because of an eye-watering price hike.

As data reveals listings had plunged, fuelling a huge surge in rental pricings, one Sydney teacher took to Facebook this week as part of a search for new accommodation.

According to the man, he and his two roommates had been forced to move out of their Sydney eastern suburbs residence after their landlords asked for a 92 hike in their weekly rent.

“My two roommates and I have been renting … since Jan 2019,” he said.

“We unfortunately have to move on 3rd of Feb due to a $1200 per week increase.

A Sydney teacher has revealed the depth of the rental crisis after he was forced to move because of an eye-watering rental increase. Picture: Facebook/Supplied.

The primary school teacher said he and his roommates had glowing references and were willing to pay $1500 per week for a three-bedroom, two bedroom place in the eastern suburbs.

“So far we have had no luck finding a place,” he said.

The man’s story has become common in Australia’s capital city over the last 12 months as spiralling rents further compound a cost-of-living crunch.

In Sydney on Saturday there were long lines as hopeful renters lined up to inspect prospective properties.

Rental properties were in high demand in Bondi on Saturday. Picture: NCA NewsWire / Flavio Brancaleone

Dozens of prospective renters turned out for properties. Picture: NCA NewsWire / Flavio Brancaleone

Some apartments attracted dozens of suitors as competition for limited houses and apartments continues to intensify.

And conditions for renters is expected to remain tough throughout 2024.

According to data from the latest PropTrack Rental Report, rental listings were at a record low level.

Over the last year, the median rental listing price had ballooned by 11.5 per cent to $580 per week, fuelled by limited demand.

The report found that due to population growth, rental stocks were at record lows, forcing renters to pay more.

In December, the number of new listings on realestate.com.au were down 20.7 per cent on the December 10-year average and down 4.6 per cent on a year prior.

Similarly, total listings were down a whopping 30.2 per cent on the December 10-year average, having fallen by 4.7 per cent over the last 12 months.

“The rental market was characterised by low supply and strong demand in 2023. These conditions made it difficult for renters to find accommodation and saw landlords increase rents, a trend likely to continue in 2024,” PropTrack’s director of economic research Cameron Kusher said.

“While we expect rents to continue to rise this year, it’s likely that the rate of growth will slow.

“The already higher cost of renting and overall increase in the cost of living will limit rent price increases moving forward.

“For renters hoping to purchase a property, higher rents are making it difficult to save a deposit, while higher interest rates will make servicing a mortgage more expensive.”

Originally published as Eye-watering disclosure reveals depth of Sydney rental crisis revealed