‘A tenant’s dream’: Rents are cut by up to $400 A WEEK in Sydney as desperate landlords slash prices
- Landlords have slashed inner Sydney rent prices by up to $400 dollars a week
- The cuts come as tenant numbers decline and vacant properties are on the rise
- Some central Sydney units listed around $1200 a week pre-COVID are now $800
- Housing experts say the current rental market gives tenants negotiating power
- Renters can ask for terms, like keeping pets, rent cuts, and shorter leases
Rents for inner Sydney apartments have been slashed by up to $400 a week as desperate landlords grapple with a shrinking pool of tenants and rising vacancies.
Housing experts say the current rental market is a ‘tenant’s dream’ as renters now have power to negotiate their own terms for agreements like price reductions or keeping pets.
‘You can get a better place on better terms like a shorter lease or be allowed pets where they weren’t previously allowed,’ Find My Rental Property director Melissa Maimann told Realestate.com.au.
This apartment on Kent Street was $1,250 and but now it’s $990 after the landlord failed to find a tenant
The modern apartment faces north east and is described as perfect for a family
The apartment has three bedrooms and a balcony with views overlooking the city
Ms Maimann said the rental climate is particularly beneficial for those looking for a home within the city’s inner suburbs, usually populated with international students, travellers and hospitality workers.
Last month, almost one in seven rental units in the CBD and surrounding suburbs were empty, with rents an average of 18.4 per cent lower than March, SQM Research data revealed.
Prices plummeted at a similar rate in Glebe, while unit rents in Kirribilli and Lavender Bay dropped an average of nearly 15 per cent over the past three months.
In Pyrmont, Surry Hills and Mosman, rents nosedived about 10 per cent.
Renters’ agent Marcelle Wever, of Sydney Rental Search, said some properties were available at prices last around the mid-2000s.
‘Landlords are desperate,’ she said.
‘There are more properties available near the city than I have ever seen.’
A three-bedroom apartment on George St in the heart of Sydney’s CBD is now on offer for $800 per week, a $400 drop from its going price in January
Finder.com.au insights manager Graham Cooke said it was an ideal time to upsize for those willing to move.
Some of the most heavily discounted apartments include luxurious units in the heart of the city’s CBD.
A three-bedroom unit on the 12th floor of a building at 591 George St listed for $1200 per week in January, was recently relisted for $800.
Another three-bedroom unit at 361 Kent St was recently listed for $900 per week, a $260 drop from the rent in 2017.
There are similar deals on offer for homes in nearby Elizabeth St and Clarence St, while multiple Ultimo properties are going for $100 less a week.
Multiple apartments in Sydney Olympic Park are also available with $50 to $100 discounts.