Experts warn that Sydney’s rental crisis is exacerbating homelessness and pushing home ownership out of reach for some as the city’s rents hit record highs.

Hurstville

Sydney renters are facing unprecedented challenges as rental prices for both houses and units continue to climb. A two-bedroom unit in Hurstville now commands $700 per week, up from $470 just three years ago, reflecting a broader trend of rising rents across the city. The average weekly rent for a house in Sydney has reached nearly $800, with the largest increases seen in the central coast and outer suburbs.

The rapid rise in rental costs has pushed many tenants to seek more affordable areas, but the market's affordability ceiling has been breached, resulting in increased poverty and homelessness. While the rate of rent increases is slowing, offering some hope for tenants, the overall outlook remains challenging for the growing number of people who rent in Sydney.

Rental market slowing despite record high prices

For these renters, the hunt for a home has never been harder. It's really high. The rental is really high. I think it will be really tough for everyone. Open for inspection today, a two-bedroom Hurstville unit for $700 a week. When the last tenants moved in three years ago, they were paying $470. Since I've advertised it within like five minutes, I had so many calls for this one. The housing crunch sending Sydney rents to record heights. The average house fetching almost $800 a week, a $21 annual increase. And units aren't much cheaper. It is really an interesting trend that is now unravelling across Sydney, and that is faster rates of rental growth for units rather than houses. And I think that says a lot about affordability. Houses on the central coast saw the biggest annual spike, while the city's outskirts copped steep increases. Alongside the city's southwest, units in the outer southwest and Blacktown also among the biggest hikes. The affordability ceiling has been smashed in the rental market, and what that means is tenants are really trying to find those pockets of affordability. And we're seeing increasing poverty and increasing homelessness as a direct result of the housing shortage. 40% of people now rent. Let's continue to have to look at ways to make renting affordable, to make it as efficient and effective as possible, because it now deals with a very large group of people. While Sydneysiders are forking out more than ever on rent, Domain says there is some hope on the horizon. While rates are continuing to climb, it's at their slowest pace in years. And I think this financial year is going to have a much better outlook for tenants compared to prior financial years. That sluggish relief called comfort for those priced out. Hannah Taylor, 10 News.

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Kyiv

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