Growth has returned to Sydney’s rental market as rents steadily increased over the last year, according to research firm PRDnationwide.
The research found that overall rents across Greater Metropolitan Sydney rose 6.4% in the 12 months to September. Sydney's Eastern Suburbs and Inner West saw sharp increases, with rents in the Randwick LGA jumping 14.3% for three bedroom houses.
PRDnationwide researcher Oded Reuveni Etzioni said while the figures were promising, rental growth remained below the five-year average. However, Etzioni also indicated that rental rises around NSW were pushing some renters out of the market.
"In an environment of softer house prices, an increase in rent is welcomed by landlords and normally indicates a strong economy and large changes in population. However, around NSW and indeed Australia local residents who are not part of the mining industry are often being priced out of the market by companies that pay above market rents. This in turn leads to negative social consequences and increases the pressure on government housing," Etzioni said.
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