In Sydney, and across the Sutherland Shire, rental prices have soared to unprecedented levels, significantly impacting middle-income earners, those under 40, and individuals unable to afford homeownership.
According to the latest Domain Rent Report, the cost of renting a typical house in the Sutherland Shire now stands at $950 per week, marking a 9.2% increase over the past year. Meanwhile, the median rent for apartments has risen to $650 per week, up by 16.1%. This surge in rental costs is contributing to higher inflation, greater cost-of-living pressures, and increased homelessness.
Economics attributes this trend to robust population growth, insufficient investment in housing, and heightened barriers to homeownership. Despite potential signs of market stabilisation, the demand for rental properties remains high, pushing many to explore alternative living arrangements or accelerate their plans to purchase a home.
In comparison, the cost of renting a typical house in Sydney now stands at $750 per week, marking a 13.6% increase over the past year. Meanwhile, the median rent for apartments has risen to $700 per week, up by 12.9%.
