Rent jumps by up to 13 per cent in metropolitan areas
Many households may have felt a rental squeeze of late and now Run Property have released figures showing just how much pressure renters are currently under.
A report released on Saturday (October 15) has shown rent increases of up to 13 per cent in Sydney suburbs Edgecliff and Randwick, whilst Melbourne's Oakleigh has also posted substantial jumps.
Some tenants are paying $60 more per week that they were 12 months ago, with rents rising ahead of wages.
Run Property's chief executive officer Rob Farmer believes that recent government policy changes have resulted in many potential homebuyers abandoning plans to buy and placing pressure on the rental market.
Farmer says: "In NSW, the rush is already on as demand from first home buyers outstrips supply due to stamp duty cuts which scale down on December 31.
"The smart money is starting to flow back into investment property, especially now that the sales market is off the boil and there are buying opportunities out there."
Whilst the news may be great for investors, renters are faced with the prospect of paying more for properties, whilst having to also cover the rising cost of living expenses - such as phone charges and gas prices.
Posted by Callum Fleming