Sydney rental crisis | Australian rental crisis 2023

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Rental crisis deepens as Sydney unit rents jump $120 a week in a year

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Sydney’s crippling rental market is at its lowest availability level since Covid. According to PropTrack data published this month, Sydney’s rental vacancy rate is now at 1.7 per cent, while a year ago it was at 2.74 per cent.

It comes as Reserve Bank Governor Philip Lowe warned rent inflation is likely to stay quite high for a while.

Recent analysis from housing advocacy group Everybody’s Home found asking prices had increased between 27.8 per cent and 48.6 per cent in the past 12 months.

Recent analysis from housing advocacy group Everybody’s Home found asking prices had increased between 27.8 per cent and 48.6 per cent in the past 12 months.