With the current surge in prices across NSW, especially in the property market, attaining a property has become a stressful and discouraging process. As the demand for properties and limitations in available properties continue, the cost of rent has risen, making it hard for tenants to find affordable houses.
According to The Sydney Morning Herald, house rent prices have increased in nine out of ten Sydney suburbs, with a rise of up to $400 in a year. This intense demand for properties has also resulted in a significant increase in unit rentals in a majority of Sydney suburbs. Interest and mortgage rates have begun to rise from June, meaning rentals will see an increase in demand. In saying this, although there has been an increase in the majority of Sydney, there are still some affordable properties up for grabs, but you have to be sure to search in the right places.
The demand for rental units has also seen a notable rise in price with Barangaroo indicating the highest leap of 24.4% with a median weekly asking rent of $1400 while Point Piper jumping 18.9%, requiring a weekly rent of $1100.
So, how does this impact the rental process in Sydney? Read more to find out.
Finding affordable and stable properties to rent out has become difficult. However, some suburbs have noted a decrease in prices, making it more reasonable and affordable to rent. Those tenants looking to take advantage of the declining rental costs would be advised to consider renting in outer suburbs away from the CBD.
Prairiewood had the most significant decrease in asking rental prices, going down 10.7% with the median price being $460. Padstow Heights saw a decrease of 7.3% bringing the median weekly asking rent to $510, while Greenfield Park saw a decrease of 6.5% bringing the average asking rent down to $430.
Heckenberg, a suburb in the local area of the City of Liverpool, is seen to be among the more affordable rentals in Sydney, having decreased by 4.4% and having an average asking price of $383. Looking for an area with affordable unit rental prices? South Wentworthville has seen the biggest drop in prices, with a decline of 9.1%.
At ZeroBonds, we offer rental bond assistance for tenants which is a bond alternative that allows us to cover your security bond when looking to rent a property. With an understanding of today’s property market and the significant increase in the cost of living, we know that obtaining a rental can be stressful for tenants; especially considering all the additional pile-up of costs needed to be paid in order to obtain a rental, such as processing fees and bonds.
Our rental bond assistance has been put in place to help you in many ways:
- Alleviate the stress of extra costs when renting a property
- Make the rental search more inviting, positive and convenient
- Allow you to put your money towards making your space feel like home
- To ensure you’re financially secure
- Afford people the opportunity to rent, sooner
- Allow people the chance to allocate savings towards necessities
At ZeroBonds, we want all future tenants to have a stress-free and positive experience when it comes to both searching for a rental property in NSW and officially obtaining one. Our offering of rental bond assistance can help make it easier for you to afford a place to live, especially in the current economic climate.
If you think this could be helpful to you, visit our website to get in touch with us today.