As a lifetime member of Generation Z, I’ve come to terms with the fact I am never going to own a house of my own, nor do I really want to. Renting rules! Whilst it may prohibit you from plastering posters of the Jonas Brothers all over your room with blu-tack. It does give you the freedom to live a life without any serious commitments.
My lease ran out last weekend. My housemates and I are still yet to hear a peep about it from our real estate agent. At first, we thought that we’d struck gold and that our agent had forgotten about us dwelling in our delicious inner-city apartment.
So we began scheming as to how we were going to continue living our lives as quiet as a mouse. So that our agent would never kick us out and we’d be live and die in an art-deco haven for less than $200 a week.
Rent prices have dropped.
It was not long before we realised we were not the ones hiding from our real estate agent, our real estate agent was the one hiding from us. Why? Because Sydney rent prices have dropped.
I know. I couldn’t believe it either. I never thought I’d see the day that rent in Sydney decreased. If you don’t believe me, look for yourself. The Tenants Union of New South Wales offers a rent tracker tool on its website. The tool allows you to track rental prices by the area over a period of 12 months.
The rent for a two-bedder in my suburb has dropped -3.53% in the past year. Which works out to be around $1,500 cheaper per year. It doesn’t seem like much at a glance, but if you do the math it’s pretty much a year worth of takeaway coffee.