Sydney rents have come down over the COVID-19 period. For many renters, this is excellent news as it offers opportunities to negotiate a rent reduction, or else to move to a more affordable home or a home that offers better value for working from home conditions.
However, moving can be costly, and so before planning a move, it’s wise to be sure that the rents have actually come down in the area you’re planning to move to.
The Sydney areas where rents have fallen the most are:
Eastern Suburbs
Sydney CBD
Canterbury / Bankstown
Inner West
Lower North Shore
North West
Upper North Shore
However, the rents have possibly not fallen by the levels that some renters think they have fallen. In some areas, rents have only come down by 2% or 3%. In other areas, they have fallen by as much as 10%. Putting numbers to this, it means that if a home previously rented for $800 per week, depending on the area, it may now be listed for $720 - $785. That is still a great opportunity, however if the reduction is closer to 2% or 3%, the cost of packing and moving needs to be weighed against the low saving in rent. It might be better to negotiate a rent reduction with your landlord than to move.
Melissa Maimann is a Licensed Real Estate Agent, Buyer's Agent and Rental Search / Relocation Agent in Sydney. Melissa saves tenants time and frustration by finding and securing the best properties quickly, easily and efficiently. If you’re aghast at the thought of finding a rental home and need a skilled agent to find your next rental home for you, don't hesitate to make contact.