Rental crisis captured in photo with dozens crowding rental inspection at Meriton Suites apartment

A photo of dozens of people turning up to a rental inspection has highlighted the housing shortage crisis in Sydney.

Up to 20 people were seen in the photo that was taken outside the Meriton Suites World Tower on Liverpool Street in the CBD.

The group crowded around the real estate agent as they checked out a one-bedroom apartment with a study that is going for $720 a week.

Another apartment is also up for lease in the building and has two bedrooms and two bathrooms for $1,180 a week. 

Up to 20 people were seen in the photo that was taken outside the Meriton Suites World Tower on Liverpool Street in Sydney’s CBD

The photo was uploaded to Reddit where social media users were quick to share their own experiences of struggling to find a place to live in. 

‘There’s a feeling that non renters don’t know that is so disheartening,’ one wrote. 

‘It’s when you drive up to an apartment/house – especially if you’re excited for it – and see a long queue of people snaking around the block.’ 

Another added: ‘It’s like that in other suburbs in Sydney as well. 

‘I went to an open house in Ashfield on a weekday and there were like 20 couples who showed up.’ 

Annual growth in rent hit a 14-year high in Australia while housing availability continued to narrow. 

CoreLogic’s Quarterly Rental Review showed the national rental index increasing 0.9 per cent in the month to June and 2.9 per cent over the June quarter.

Everybody’s Home spokeswoman Kate Colvin said the low rental vacancy rates combined with interest rate hikes is leading to a rental squeeze as investors pass on those rises to renters.

CoreLogic’s Quarterly Rental Review showed the national rental index increasing 0.9 per cent in the month to June and 2.9 per cent over the June quarter

‘With further interest rises expected, the already difficult situation will only get worse as renters fight in a hunger games style battle for dwindling rental stock at higher than ever prices’ she said.

‘This is very concerning as many are already stretched beyond their financial means.’

House rents are 8.8 per cent higher across the capital cities and up 10.8 per cent in regional areas compared to June 2021, according to CoreLogic data.

Meanwhile, unit rents are up 9.8 per cent in the capitals and 11 per cent in regional areas.

‘This sustained period of strong rental growth has seen national dwellings record the highest annual growth in rental values since December 2008,’ CoreLogic research analyst Kaytlin Ezzy said.