Sydney rental prices at an all time high in contrast to the vacancy rate which is at an all time low.
Approximately 60% of the state Sydney electorate are renters, myself included. Like most residents, I have received a rent increase in the last 12 months. Some renters are facing ‘unreasonable’ rent hikes that have caused them to move out of the area due to the lack of affordability.
The Sydney rental market has seen an 11% increase in rents in the past year, with unit rents reaching a record of $575. The scarcity of properties available has resulted in extensive queues for rental inspections, with vacancies at a record low of one percent.
On Saturday, 4 February, I attended an open house in Surry Hills after my weekly street stall on Crown Street. The property was a one-bedroom apartment listed for $500. There were at least 80 people who filtered in and out of the property in the 20-minute window I was there. I had the opportunity to talk to a few prospective tenants after they had viewed the apartment. Every person highlighted their feeling of stress due to an inability to secure a rental property and shared a general uncertainty about when the pressure will ease.
NSW Labor has committed to a suite of policies to make renting fairer. As the state Labor candidate for Sydney, I am determined to advocate for our comprehensive plan. That includes introducing a portable bonds scheme to help reduce the financial burden of moving and banning the practice of secret rent bidding.
As a renter in Sydney, I am relieved that the housing crisis is at the forefront of the upcoming 2023 NSW State Election.
When we talk about renting policy and reform, we take a few things into account – feasibility, cost, and timeline for implementation. But at the end of the day, we are talking about people’s lives. That is why we commit to what can be delivered because the people of Sydney and New South Wales deserve solutions and relief.