With the rental market as robust as it’s in the meanwhile, it appears extra potential tenants are providing above the asking worth in an try to get their names on the lease.
Renters are paying landlords much more than the asking worth for a rental property, in keeping with new knowledge, revealing the rental disaster is much more acute than we thought. With rental vacancies decrease than ever earlier than, the follow of providing further to win the property is seemingly widespread, the Australian Bureau of Statistics (ABS) has revealed.
We already knew marketed rents had been rising larger than common rents. If individuals with current leases had been paying $500 per week, for instance, the asking worth for brand new renters could be $600 and rising. Information from property agency CoreLogic confirmed marketed rents had risen 22% because the begin of 2020, whereas the common hire general had risen simply 5% since mid-2019, as the subsequent chart reveals.
Rents*, June 2019 = 100
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