3 May 2023
Rents have increased by a record amount showing the dire need for investment in social and affordable housing, said Community Housing Industry Association NSW (CHIA NSW).
Data released today by Core Logic shows rents in Sydney increased by 13.1 per cent in 12 months, and 1.3 per cent in the past month alone. The average renter in Sydney is paying $711 per week.
The combined capitals’ rental rate increased 11.7 per cent over the past year.
“This is not the sort of record anyone in Australia wants to break. It is yet more proof that renters in NSW and across the country are at crisis point,” said Mark Degotardi, CEO of CHIA NSW.
“The housing emergency is growing more and more dire. Yesterday’s interest rate rise will be passed on by landlords to renters, and the vacancy rate in NSW is also at a record-low, so we can expect rents to climb even further,”
CHIA NSW said investment in social and affordable housing is urgently needed to fix the escalating crisis.
“The social housing waitlist in NSW increased by 15 per cent in the past year. There are now 58,000 families and individuals on the waitlist, and with the continued increases in rental prices this number will also grow, as people cannot afford to stay in the private rental market,”
“We simply do not have enough affordable rental housing in NSW. We need the State Government to treat this crisis with the urgency it deserves, and build more social and affordable housing,” said Mr Degotardi.
Media contact: Kayla Foster, 0447 040 029