Sydney has the 10th-highest rents in the world
Sydney can now add an appearance in the top 10 most unaffordable global rental markets to its growing list of housing challenges.
Last month Sydney was named second most unaffordable city on Demographia International Housing Affordability Survey: 2017 after the reigning most unaffordable city of Hong Kong. Today Ten Eyewitness News reported that Sydney was named 10th most unaffordable city to rent according to the 2017 Rental Index released by UK online realtor Nested.
Sydney was found to cost $2.93 per m2 according to the index, with an income requirement of $96,572 a year in a family or $50,869 for singles. That figure is what you need to cover rent and other costs.
The rest of the top 10 was dominated by US cities, with San Francisco, home of Silicon Valley, topping the list at $4.95 per m2. The only other non-US cities on the list were Hong Kong (fourth, $3.83/m2), Dubai (fifth, $3.53/m2), Singapore (sixth, $3.34/m2) and Geneva, Switzerland (eighth, $3.09/m2).
“A growing proportion of those reliant on the private rental market therefore have no choice but to reside in areas less accessible to the amenities and employment opportunities of the central city,” Hal Pawson, UNSW professor of housing research and policy told Ten Eyewitness News.
Other Australian capitals also made the list, with Melbourne coming in at 21st most expensive city to rent, Brisbane ranking 29th and Perth 32nd.
- Property prices: You need a $100K deposit in every capital city – except this one
- NSW first home owners tax reform offers 25K grants
- Westpac home loan rate rise: 3 things you need to know
- Home loans take months, how does this bank do 7-day approvals?
- Finder’s RBA Survey: 87% of experts say consumer saving will dip as cash rate holds