Advertisement
Australia markets closed
  • ALL ORDS

    7,999.20
    -83.90 (-1.04%)
     
  • ASX 200

    7,727.60
    -84.20 (-1.08%)
     
  • AUD/USD

    0.6631
    +0.0022 (+0.33%)
     
  • OIL

    77.80
    +0.93 (+1.21%)
     
  • GOLD

    2,335.20
    -2.00 (-0.09%)
     
  • Bitcoin AUD

    104,029.27
    +3,089.88 (+3.06%)
     
  • CMC Crypto 200

    1,440.81
    -27.29 (-1.86%)
     
  • AUD/EUR

    0.6109
    +0.0005 (+0.08%)
     
  • AUD/NZD

    1.0823
    -0.0005 (-0.04%)
     
  • NZX 50

    11,783.39
    -26.09 (-0.22%)
     
  • NASDAQ

    18,808.35
    +184.96 (+0.99%)
     
  • FTSE

    8,317.59
    -21.64 (-0.26%)
     
  • Dow Jones

    39,069.59
    +4.33 (+0.01%)
     
  • DAX

    18,693.37
    +2.05 (+0.01%)
     
  • Hang Seng

    18,608.94
    -259.77 (-1.38%)
     
  • NIKKEI 225

    38,646.11
    -457.11 (-1.17%)
     

Rent crunch: 10 suburbs where it’s almost impossible to rent

A sign out the front of a home that was for rent but has a sticker on it to indicate it has been leased and the roofs of houses and the CBD in the background.
Renters are struggling to secure a property. (Source: Getty)

The rent crisis is hitting a peak, with renters finding it increasingly difficult to secure an affordable home.

The return of international students, along with a lack of supply in the rental market, has seen renters battling it out to secure a property.

Prices have skyrocketed and some suburbs are more affected than others.

Proptrack research has found which suburbs around the country have seen the biggest increase in competition for renters.

ADVERTISEMENT

Unsurprisingly, Sydney suburbs make up the majority of the top 10, with eight suburbs making the list.

The Proptrack report found the increased demand for rentals collided with an extreme shortage in properties.

Rental listings are more than a third lower than pre-pandemic levels.

Total rental supply is particularly tight in Perth (down 65 per cent), Darwin (down 54 per cent), Adelaide (down 50 per cent), and Brisbane (down 49 per cent) compared to pre-pandemic averages.

The reason for the lack of supply? Proptrack said it was a mixture of reduced investor activity, more sales (thanks to property prices booming during the pandemic) and properties being moved away from long-term rentals and into short-term arrangements like Airbnb.

The only capital city to see an increase in rental properties was Canberra - where supply was up 30 per cent.

Toughest suburbs to find a rental property

Here are the top 10 suburbs where competition has skyrocketed and the increase in renters trying to secure a property:

  1. Melbourne city, VIC - up 133 per cent

  2. Auburn, NSW - up 101 per cent

  3. Parramatta, NSW - up 91 per cent

  4. Ashfield, NSW - up 82 per cent

  5. Adelaide city, SA - up 79 per cent

  6. Merrylands, NSW - up 78 per cent

  7. Rockdale, NSW - up 75 per cent

  8. Canterbury, NSW - up 70 per cent

  9. Hurstville, NSW - up 67 per cent

  10. Botany, NSW - up 66 per cent

The lack of properties has also led to prices surging.

Over the past year, rents have increased the greatest for four-bedroom houses (up 12 per cent), five-plus bedroom houses (up 11.4 per cent) and one-bedroom units (up 11.1 per cent), according to Proptrack.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.