Even though rents have come down in some parts of Sydney, COVID means that many tenants are still finding it tough to rent affordably in Sydney. Here are some tips to help.
Share with friends
Sharing with friends makes not only the rent affordable, but also shares the bills and cleaning costs. If the home is large enough, you have someone you like and trust and have permission from your landlord, it might make sense to share with someone.
Live further away from the City and beaches
Areas further from the city and beaches have always been more affordable. During COVID, it’s actually the areas that are closer to the city and beaches that have fallen the most in rent, but areas further out remain the best value for money. When considering this option, also factor in the potential additional cost of travel and tolls if living further out means that you’ll be making more / longer trips to see family / friends / get to work.
Reconsider your expenses and create a budget
Review all of your expenses itemising what you spend each month and also factor in your annual costs such as insurances, registrations, subscriptions etc. Create a spreadsheet to help you keep track of your spending. Next, look to see the things you can either cut back on or eliminate entirely. Also consider enjoyment of life – it’s important not to cut out the things you most enjoy: a better option is to either limit the cost or do those things less often.
Delay non-essential spending
This relates to holidays, a new car, new clothes, renovations etc.
Do more things yourself
This applies to things like cleaning, gardening, cooking vs take-away / eating out etc.
Move to a smaller home
A smaller home is cheaper than a larger home.
Move to a home that doesn’t have parking
Parking adds roughly an additional $50 - $150pw onto the rent, depending how many parking spaces you have and where the property is located. If you can find a home that has accessible parking on the street, you might want to consider renting a home without parking to save on the rent.
Lock in a 24-month lease
This prevents a rent increase in 12 months’ time.
Melissa Maimann is a licensed real estate agent, buyer's agent and rental search / relocation agent in Sydney. She saves renters valuable time and frustration offering an affordable service that finds and secures the best rental properties quickly, easily and effortlessly. Her application success rate is 100%. If you need a Licensed Real Estate Agent to find your next rental home for you, don't hesitate to make contact.