Rents at Record Highs and Still Trending Upward

Rental competition has reached fever pitch, with applicants rushing to secure properties and demand showing no signs of easing.

Rents have surged well over 10% since the end of last year, creating stronger returns for investors.

This time last year, $1100 a week could secure a well-appointed two-bedroom apartment with parking near the city. That same unit today is $1250 a week. In another example, a two-bedroom apartment at Meriton’s Mascot Central – complete with a multi-purpose room and two car spaces – recently leased for $1,550 a week, highlighting the scale of the increase and demand for well-located luxury living.

Harry Triguboff, Australia’s largest private landlord, says demand remains strong, with around 80 apartments leased each week across his portfolio.

“With rents rising at a rapid pace, we are now in an interesting period where many of the apartments we are selling are proving to be cheaper to buy than rent, which gives our Meriton customer base a fantastic opportunity. We have always been in the business of providing luxury accommodation in areas of demand, and if we can provide multiple options to either Lease or Buy, we are happy to assist.” Mr. Triguboff said.