Rents in more than two dozen Sydney suburbs are now the same price or cheaper than five years ago, with tenants saving up to $120 a week, data shows.
With median weekly asking rents falling across the city, some tenants can now find a rental property for less than they would have paid back in 2014, according to new Domain data.
Apartment rents in 14 suburbs are now lower, with the biggest decline seen in North Ryde, where rents dropped $120 — or 18.5 per cent — over the five-year period. It was followed by Kingsgrove and Peakhurst, with drops of 13.5 and 12.4 per cent respectively, with rents remaining flat in another three suburbs.
In Mollymook and Ulladulla, even though house prices have risen over the past 5 years from 15-20% rents have remained steady with an average rent of $480pw in Mollymook and $450pw in Ulladulla to rent a 4 bedroom home. This is partly attributed to the fact that even though 28% of our population are renters, over 50% of our population are not in the labour force.
For more information about renting, call Andrea Tucker on 0402 487 887