Tenants in Sydney are paying up to $350 more rent per week than this time last year, as the nation’s housing crisis reaches breaking point.
The dire situation is being felt on the lower north shore, with hundreds spending their weekends desperately searching for a place to call home.
New analysis just released by advocacy group Everybody’s Home has revealed the top ten worst affected areas for tenants, based on the SQM Research Weekly Rents Index for combined units and houses.
The average rental price on the lower north shore has risen to around $1097 per week.
The eastern suburbs scored top spot, with renters paying an average $351 per week extra, followed by the lower north shore ranking number two, with the 12 month price change averaging out at $338 per week.
The average rental price (combined houses and units) on the lower north shore in February 2023 was $1,097 per week, with the vacancy rate sitting at 1.7%.
A balanced rental market is considered to be one with a rental vacancy rate of 3% or more.
“More Sydneysiders are being priced out of having their basic need for a home,” says May Azize from advocacy group Everybody’s Home.
On the above numbers, it means tenants in Mosman, Cremorne and Neutral Bay could be forking out an extra $4,056 per year at the current average asking price.
Everybody’s Home spokesperson Maiy Azize said the consequences of government inaction will only worsen.
“More Sydneysiders are being priced out of having their basic need for a home,” she said.
“Many are being forced to skip meals, avoid the doctor, and take out payday loans just to pay the rent.”