{"id":1398,"date":"2024-01-18T03:49:42","date_gmt":"2024-01-18T03:49:42","guid":{"rendered":"https:\/\/testing.doslinkreal.com\/?p=1398"},"modified":"2024-01-18T03:55:37","modified_gmt":"2024-01-18T03:55:37","slug":"the-graph-shows-exactly-why-rental-market-has-turned-into-hell-for-tenants","status":"publish","type":"post","link":"https:\/\/staging.baominh-group.com\/en_us\/real-estate\/the-graph-shows-exactly-why-rental-market-has-turned-into-hell-for-tenants","title":{"rendered":"The graph that shows why rental market is hell for tenants"},"content":{"rendered":"
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In yet more evidence of the ongoing rental nightmare, a graph plotting rent prices has shown just how deep tenants have had to dig to live over the last three years.<\/div>\n<\/div>\n
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While annual growth in national property values has gone up and down since 2020, rent values have increased at more than 8 per cent each year in that period, according to just-released figures from property analytics firm CoreLogic.<\/div>\n<\/div>\n
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Over the past decade, rents have outpaced home values only three times.<\/div>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Two of those rare occasions have occurred in the last two years, 2022 and 2023, when the country has been smack-bang in the middle of\u00a0the rental crisis, and the other 2018.<\/div>\n
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CoreLogic found rent values rose a further 0.6 per cent in December, pushing the yearly national annual increase up to 8.3 per cent.<\/div>\n
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Over 2023, the biggest annual increases were reported in Perth, a whopping 13.4 per cent, Melbourne 11.1 per cent, Sydney 10.2 per cent, the report said.<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Hobart and Canberra were the only two capitals where rent values dropped last year, at 3.5 per cent and 1.9 per cent.<\/div>\n<\/div>\n
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A severe lack of rentals\u00a0on the market has helped drive up prices, at the same time Australians struggled with rising\u00a0inflation\u00a0and other\u00a0cost-of-living\u00a0pressures.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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