City rents to soar due to house shortages

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Housing shortages could lead to rent increases of up to 7% in some capital cities over the next two to three years.

BIS Shrapnel reckons that annual rent increases of between 5-7% will be common in  Sydney, Melbourne and Perth over the coming years; Adelaide, Melbourne and Hobart wil aslo see regular increases of 5-7%.

The researcher blames the probable hikes on the construction slowdown since the GFC.
"We expect rental growth to pick up again," BIS Shrapnel senior project manager Angie Zigomanis told the Sydney Morning Herald.

"The last 12 months has shown marginal rental growth, but we expect that to get closer to the mid-single digits over the next few years."

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