With the rental market as powerful as it’s in the meanwhile, it appears extra potential tenants are providing above the asking value in an try to get their names on the lease.
Renters are paying landlords much more than the asking value 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 additional 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 folks with present leases had been paying $500 every week, for instance, the asking value for brand new renters could be $600 and rising. Knowledge from property agency CoreLogic confirmed marketed rents had risen 22% for the reason that begin of 2020, whereas the typical lease general had risen simply 5% since mid-2019, as the subsequent chart reveals.
Rents*, June 2019 = 100
Learn extra concerning the rising rental disaster…
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