A tenant's dream: Rents are cut by up to $400 a week in some of Sydney's most sought-after suburbs as desperate landlords slash prices

Excerpt from an article that I featured in: https://www.dailymail.co.uk/news/article-8417545/Rents-cut-400-week-Sydney-desperate-landlords-slash-prices.html and https://www.realestate.com.au/news/tenants-dream-rents-slashed-by-up-to-400-per-week-across-inner-sydney/

Rents for inner Sydney apartments have been slashed by up to $400 a week as desperate landlords grapple with a shrinking pool of tenants and rising vacancies.

Housing experts say the current rental market is a 'tenant's dream' following the coronavirus crisis as renters now have power to negotiate their own terms for agreements like price reductions or keeping pets.

Thousands of workers lost their jobs when the government imposed a lockdown in March leading to many people leaving the city or returning to their homes overseas.

This has resulted in oversupply of apartments, a happy situation for bargain hungry tenants.  

'You can get a better place on better terms like a shorter lease or be allowed pets where they weren’t previously allowed,' Find My Rental Property director Melissa Maimann told Realestate.com.au.

Ms Maimann said the rental climate is particularly beneficial for those looking for a home within the city's inner suburbs, usually populated with international students, travellers and hospitality workers.

Last month, almost one in seven rental units in the CBD and surrounding suburbs were empty, with rents an average of 18.4 per cent lower than March, SQM Research data revealed. 

Prices plummeted at a similar rate in Glebe, while unit rents in Kirribilli and Lavender Bay dropped an average of nearly 15 per cent over the past three months.