BIS Shrapnel says Sydney rents are set to climb by 21% over the next three years. This is in part because of a significant drop in medium to high density residential dwelling construction, which this year reached the lowest level since 1987.
Another factor is the increase in home ownership caused by the first home owner grants, because each young person moving out from the family home into a new house reduces the stock of homes remaining available for renting.
Latest data from the NSW Department of Housing says rents rose 3.9% in the year to September, with the rise highest in the outer suburbs of Sydney.
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