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The charts that show how Australia’s rental market got so broken

Sometimes, being a renter in Australia just plain sucks.

You might be forced to move over and over again, unable to secure a long-term lease. You might be waiting months for repairs, only to get the “landlord special”. Maybe, like many in Australia, you’ve had your rent hiked by an eye-watering amount.

Perhaps you’ve needed to make a drastic change, like 44-year-old Stephen Papadopolous, a renter of 20 years, who recently moved back in with his parents after his landlord sold his apartment of five years in Sydney’s Dulwich Hill.

“I absolutely love the area, I have so many friends close by,” he says. “I tried looking close by in the Inner West for apartments and went to a few open inspections, and the queues and the crowd that turned up was just crazy.

“For five years, I was renting a two-bedroom apartment on my own for $400 a week with no rent increase, and then to have to go find one-bedroom apartments for over $600 was a bit of a shock.”

He’s now living in his parents’ Campbelltown home, on the outskirts of metropolitan Sydney, and is in no rush to rejoin rental inspection queues. “I would never rent

Sydney rents reach record highs as units jump $130 per week over a year

She said the rental market was tight because of strong demand from locals priced out of buying, an increase in single-person households, surging migration and an inelastic and ongoing shortfall of rental properties.

Impact Economics and Policy lead economist Dr Angela Jackson said a fundamental lack of available rental properties was the cause of record rents in Sydney.

“Overall it’s driven by low vacancy rates. “What that means is there aren’t enough properties and there’s too much competition and that’s driving higher rents across the board,” Jackson said.

She said the city will be unable to house critical workers.

“For those on low incomes, and probably even middle incomes, [it will mean] increasing levels of financial stress and not being able to afford other things, including health, food and education,” Jackson said.

Other experts have warned the rental crisis will lead to increasing inequality and homelessness.

“It’s causing widespread financial stress at the moment and economic hardship and undermining economic growth,” Jackson said.

Justin Wilkes and his partner applied for multiple rental properties on the northern beaches, where unit rents jumped 3.6 per cent in the past quarter to $725, but never heard back. It was only when the 35-year-old

Private and public housing rentals slow down, expected to stabilize next year

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Landlord’s frustration at bad tenants as industry warns against rental caps, freezes

Sandy Dennis is a lifelong Greens voter and environmentalist.

But 30 years as a landlord, 10 of those in Perth, have left her conflicted between the Greens’ tenets of “giving renters a fair go” in “sustainable, quality housing”, and being “burnt” by another bad tenant.

Ms Dennis has gone through five tenants in the past 10 years.

All but one, she said, had either skipped rent, run a methylamphetamine kitchen, failed to clean the house, or left it damaged.

“I had one lady who left the house immaculate, and she was a wonderful tenant but had to go to Queensland,” she said.

“All others have taken off, done a midnight blitz,” she said.

She said they had taken possessions and not left a forwarding address.

“I won’t take anyone who is on social security anymore and I feel bad about that,” she said.

“But four of my tenants have been on social security for one reason or another.

“They have all

UK property rental market sees biggest supply jump in 10 months, Property

THE supply of new UK rental properties rose the most since November 2022 in an early sign of relief for squeezed-out tenants.

The number of new rentals coming to the market increased by 7 per cent in the three months to September, compared with the same period last year, according to a Rightmove report published on Thursday (Oct 5). That helped lift the total number of available rental properties by 14 per cent, while demand dipped 17 per cent over the same period.

“While it is likely that there is some way to go before this filters through to rental prices, we could start to see the pace of yearly rent rises slow more significantly than it has been,” said Tim Bannister, director of property science at Rightmove .

The shift could ease a shortage of properties to rent that’s increased rental costs at a record rate, adding to the worst cost-of-living squeezes in generations. With mortgage costs significantly higher than a year ago, more tenants are stuck renting property at a time when landlords are selling out.

Average rents in London hit a record £2,627 (S$4,373) in the three months to September, a 12 per cent rise from the

only 13% of homeowners consider putting houses on the traditional market — idealista/news

The incentive to change Local Accommodation (LA) houses to traditional rentals is one of the measures provided for in the controversy Mais Habitação (More Housing) program, which was vetoed by the President of the Republic and will be reconsidered in Parliament on 21 September 2023. The truth is that only 13% of LA owners admit to doing so, according to a study carried out by Nova SBE at the request of the Association of Local Accommodation in Portugal (ALEP) and released this Tuesday (12 September 2023).

“(…) With regard to the Mais Habitação (More Housing) program, the vast majority say that they are not considering putting the property up for rent (only 13% are considering it) and a significant proportion of respondents say that there is a risk that they will close down. This expectation of closure is alarming considering that LA is an important part of income for many and that 73% are over 45, so they would find it very difficult to return to the labor market,” the two organizations said in a statement.

If, as a result of Mais Habitação, the accommodation is no longer available for rent, what is the expected use? In response to

White people are 36% more likely to receive a positive response when applying to rent on SpareRoom than black people | UK News

White people are 36% more likely to receive a positive response when applying to rent a home than black people, Sky News has learned.

Exclusive figures provided by Generation Rent show apparent racism currently in the rental markets.

The campaign organization used artificial intelligence to set up two fake profiles, a black and a white one, on the rental website SpareRoom. The only differences in their details were their names and skin color.

Inquiries were sent out by both profiles to property ads randomly selected across the UK, within minutes of each other, with different responses.

Analysis of more than 210 ads found that the white-facing profile was 36% more likely to receive a positive response than the black-facing profile.

The white profile was also 17% more likely than the black profile to receive any response at all.

In one example the same message was sent by both profiles asking about a room in a townhouse.

“Hi there, I’m interested in the property, could I arrange a viewing please?” it read.

The white profile, named Lizzie,

Tenants face delays at VCAT as residential cases balloon

Pending cases on the residential tenancies list have exploded since the pandemic began, up 598 per cent to 23,892 cases as of March, compared to three years earlier, public caseload data shows. VCAT declined to comment for this story.

Tenants have had several significant wins recently. In October, VCAT member Kylea Campana ruled a Shepparton landlord couple could not encourage their tenants to sell their investment property because the tight and unaffordable rental market could make a family of five homeless. It was ruled that the house could be sold with the tenants in place.

Renters face a tight market, and delays if they pursue issues at the tribunal.Credits: Peter Rae

“There is no doubt that the rented premises are the rental providers’ property and they are entitled to sell it,” Campana’s decision reads. “They should also be able to realize the best price possible for their investment – but at what cost to the renters?”

VCAT member Filip Gelev ruled against a landlord attempting to evict their tenant because a family member wanted to move in because the property was held in a company name, and therefore did not have access to the quoted reason to vacate.

“The

Real estate industry facing pushback to longstanding rules setting agent commissions on home sales

LOS ANGELES (AP) — A series of court challenges seek to end longstanding real estate industry practices that determine the commission agents receive on the sale of a home — and who foots the bill.

A federal jury in one of those cases on Tuesday ordered the National Association of Realtors along with some of the nation’s biggest real estate brokerages to pay almost $1.8 billion in damages, after finding they artificially inflated commissions paid to real estate agents.

The class-action lawsuit was filed in 2019 on behalf of 500,000 home sellers in Missouri and several border towns. The verdict stated that the defendants “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”

If treble damages — which allows plaintiffs to potentially receive up to three times actual or compensatory damages — are awarded, then the defendants may have to pay more than $5 billion.

“This matter is not close to being final as we will appeal the jury’s verdict,” Mantill Williams, a spokesman for the NAR, said in a statement. “In the interim, we will ask the court to reduce the damages awarded by the jury.”

Williams

Real estate brokers weigh in at the end of commission rules

ST. PETERSBURG, Fla. — The Real Estate industry is changing. The National Association of Realtors announced on March 15 an anti-trust settlement of $418 million that’s ending rules on commission.

What You Need To Know

The National Association of Realtors announced on March 15 an anti-trust settlement of $418 million

Until now, home sellers often paid about 6% of the sale price toward a fee that would be split between their own agent and the buyer’s agent

The new plan can leave realtor pay up in the air, depending on the contract

Sunny Alexander is the Owner and Broker for Red Sash Reality and one of more than one million members of the NAR is ready to adapt.

“Change is good,” he said. “It’s going to be rough learning the new normal.”

Alexander has been in the industry for nearly 20 years. He started his journey in Tennessee after serving in the Army. For the last six years, she’s shown homes in Tampa Bay.

She says she’s the voice of reason for her customers and tries to guide them to the best decisions.

“They either need to sell a house or they need to buy a house,” she said. “So