Looking for rental properties Sydney wide? Renting a home is
tough, especially when you've just relocated, as rents are high and depend on
About 30% of the dwellings in this city are rented.
The weekly costs for renting a property in Sydney are much higher than similar costs across Australia.
The 2011 census showed that the median weekly rent was just $285 in Australia and $350 in Sydney, rising to over $600 in the sought after suburbs.
Not that the median rent would give you too much information. It is only the middle number in a row of very different rental amounts for different types of housing.
But the comparison does. It indicates much stronger demand for a Sydney rental property than for accommodation in other Australian cities.
Though the info in the 2011 census is now like ancient history in the Australian property market.
No one even remembers such low rents.
The average weekly rent in Sydney today keeps rising and rising.
Now averages are... averages, and include a mish-mash of houses, apartments, from 1 bedroom to 4 plus bedrooms.
For the one bedroom unit you could pay anywhere from $200 to $500, for 2 beds it's from $300 to $700 and for a 3 beds house from $400 to $900 plus.
When we arrived in Sydney there were plenty of homes to rent at good weekly rates. Sydney was in the middle of a strong housing boom.
With low interest rates and plenty of jobs available, people were committing to increasingly higher mortgages and, with lower deposits, they were paying for mortgage insurance. They were buying houses and moving out of rental properties.
And were driving house prices up. Plus there was a lot of construction going around, plenty of new apartments being built.
But interest rates started to rise and mortgages started to become less and less affordable. New developments stopped. And the dream to own a house became just that ...a dream.
Renting was the way to go. From strong buyer interest the market shifted to strong tenant interest.
Then rental vacancies dropped to historic lows. And still are.
Markets keep moving. With the GFC and lower interest rates, experts said that it was cheaper to buy than to rent.
But GFC did not hit Australia so rates started to rise at the end of 2009 and throughout 2010 and house prices did too, as people continued to buy despite higher mortgage payments.
Interest rates dropped at the end of 2011 and house prices softened for a while, as buyers waited to see where interest was going. It continued to go down and home buyers as well as investors saw that mortgage payments were more manageable so a buying frenzy pushed prices up.
But demand for rental properties Sydney wide has not slowed down as many people cannot afford to purchase a home.
With strong demand, people are showing up in droves when a "open house" is advertised. And competing with each other to offer a better price, often higher than the one advertised. Just to secure a place to live.
But there are ways to do it. Find out some tips to help you get rental as a new arrival in this country.
Sydney has the largest proportion of recent migrants from all Australian capital cities.
Over a third of the population in the city centre and inner Sydney suburbs, such as Ultimo and Haymarket, are recent arrivals to Australia.
A bit further away, in Parramatta and surrounding suburbs, it's one in 4 residents.
The inner ring of Sydney (suburbs that are the closest to the City) has the largest proportion of properties that are rented - almost half of all dwellings. The middle ring follows with about one third.
Rents can vary with looks and condition of the house, quality of appliances, proximity to shopping areas or transport.
But probably location is the factor that can make or break the budget.
View Sydney Rings in a larger map
Take a map of Sydney and draw 3 rings. The inner ring, within a 10 km radius of the city of Sydney, or the CBD commands higher rents, the middle ring which covers the next 10 km is a bit more affordable. Then go for the outer ring for cheaper options.
With a number of new suburbs that have appeared recently in Sydney's outer ring, you may find a brand new house at an affordable weekly rent.
As a new expat it is good to cast your net wide. Think about the option to search for a rental property in other capital cities or regional areas. Don't limit yourself to Sydney.
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