National housing campaign Everybody's Home says a growing number of renters are reaching breaking point, with new analysis revealing some Sydneysiders are paying more than $350 extra per week in rent compared to a year ago.
Everybody's Home has analysed the top 10 worst affected areas for tenants in the Sydney basin based on the SQM Research Weekly Rents Index for combined units and houses.
Over the past year, asking rents have increased between about 28 per cent and almost 50 per cent. Meanwhile, vacancy rates are largely sitting below 2 per cent.
Among the areas hardest hit include Canterbury Bankstown, Parramatta and Western Sydney where tenants are set to fork out more than $6,300 extra per year in rent at the current asking prices.
Region |
Asking rent Feb 23 |
12 month change in weekly rent |
Vacancy rate Jan 23 |
1. Eastern Suburbs |
$1,073 |
$351 or 48.6% |
1.2% |
2. Lower North Shore |
$1,097 |
$338 or 44.5% |
1.7% |
3. Sydney CBD |
$1,027 |
$303 or 41.8% |
2.9% |
4. Canterbury Bankstown |
$603 |
$167 or 38.3% |
0.7% |
5. Inner West |
$714 |
$184 or 34.8% |
1% |
6. St George |
$641 |
$163 or 34% |
1.1% |
7. Upper North Shore |
$848 |
$209.55 or 32.8% |
2% |
8. Parramatta |
$579.54 |
$136 or 30.7% |
1.1% |
9. Northern Beaches |
$1,082 |
$251 or 30.2% |
1.3% |
Sutherland Shire |
$744 |
$172.54 or 30.2% |
1% |
10. Western Sydney |
$565.58 |
$123 or 27.8% |
1.3% |
*week ending 28 February 2023
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. Many are being forced to skip meals, avoid the doctor, and take out payday loans just to pay the rent.
"There's only so much people can afford to pay in rent. Right now, there's no end to the housing crisis in sight. Politicians can't keep leaving it to chance, hoping we've reached a tipping point. The sad reality is rents will keep climbing without government action.
"With interest rates set to rise again this week, renters could be faced with another increase and unlike landlords, they don't get tax handouts to help them stay afloat.
"With the NSW election only weeks away, now is the time for the major parties to announce bold commitments to plug the state's social housing shortfall and tackle housing affordability for struggling renters.
"We also need the Federal Government to make a major investment in social housing. Australia needs to build at least 25,000 new social homes each year to end our shortfall."
