Rental crisis caught on camera with dozens of rental inspections at Meriton Suites apartment

The photo sums up the rental crisis as a crowd of house hunters invade a viewing for a one-bedroom apartment at $720 a week

  • The photo of more than a dozen people during the inspection highlighted the rental crisis
  • Up to 20 people showed up for rental inspection at Meriton Suites World Tower
  • Two apartments have been rented, including a one-bedroom for $720 per week

A photo of dozens of people turning up for a tenancy inspection has highlighted Sydney’s housing shortage crisis.

Up to 20 people were seen in the photo 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 costs $720 a week.

Another apartment is also for rent in the building and includes two bedrooms and two bathrooms for $1,180 per week.

A photo of more than a dozen people showing up for a rental inspection highlighted the competitiveness of finding a home to live in

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

Up to 20 people were seen in the photo 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 accommodation.

“There’s a feeling that non-tenants don’t know, it’s so disheartening,” one wrote.

“It’s when you’re driving to an apartment/house – especially if you’re excited for it – and you see a long line of people meandering around the block.”

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

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

Annual rental growth hit a 14-year high in Australia, while housing availability continued to decline.

CoreLogic’s Quarterly Rent Review showed the National Rent Index rose 0.9% in the month ending June and 2.9% in the June quarter.

Everybody’s Home spokeswoman Kate Colvin said low rent vacancy rates, combined with rising interest rates, are causing rents to be squeezed, with investors passing those increases on to tenants.

CoreLogic's Quarterly Rent Review showed the National Rent Index rose 0.9% in the month ending June and 2.9% in the June quarter.

CoreLogic’s Quarterly Rent Review showed the National Rent Index rose 0.9% in the month ending June and 2.9% in the June quarter.

“With further interest hikes expected, the already difficult situation will only get worse as tenants fight a hunger games-style battle for dwindling rental stock at higher-than-ever prices,” he said. she declared.

“This is very concerning as many are already beyond their financial means.”

Housing rents are 8.8% higher in capital cities and 10.8% in regional areas compared to June 2021, according to data from CoreLogic.

At the same time, unit rents are up by 9.8% in the capitals and by 11% in the regions.

“This sustained period of strong rental growth has seen national housing register the strongest annual growth in rental values ​​since December 2008,” said Kaytlin Ezzy, research analyst at CoreLogic.

Comments are closed.