The escalating rental crisis was evident one Saturday morning in Surry Hills as nearly 100 hopeful renters queued at an apartment above a local pub amidst fierce competition and a limited supply of properties.
The rental scene in Sydney has been fraught with challenges since January 2024, marking a distressing period for those searching for accommodation. The convergence of low property availability and competitive market conditions has thwarted people’s hopes for an early resolution to the ongoing housing dilemma.
Real estate insiders note a significant uptick in rental seekers, with some properties attracting over 100 hopefuls, particularly in sought-after locales such as Surry Hills. The scene on Cooper St in Surry Hills on 27 January 2024 proved this after a large crowd gathered to view two available units, priced at $975 and $875, respectively.
Among the crowd was 22-year-old student Rania Raiqa, who, after weeks of fruitless searching, considered upping her offer in a bid to secure a roof over her head. With the process being first-come-first-served, Raiqa felt her options narrowing down to divine intervention.
The surge in demand traces back to December 2023, when rental availabilities dwindled to near-historic lows.
According to Jeremy Wiesner, principal at Wiesner Property, the turnout for the Cooper St property’s first viewing was unexpectedly large, hinting at the pent-up demand during the holiday season.
Experts predict no ease in the rental market’s pressure, with trends like remote working, lifestyle changes, and population growth fuelling demand.
Published 2-February-2024