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Rents Soaring as Housing Shortage Deepens | Australia News
Description
Rent prices are skyrocketing nationwide, with median costs up 40% in five years and now averaging $705 weekly — a $204 weekly hit for renters. Vacancy rates at a record-low 1.6% fuel the squeeze, forcing tenants to spend nearly a third of their income on rent. Landlords are cashing in on high yields, but rising affordability limits could soon cap rent hikes. Property managers note that quality, fairly priced units still sell fast — tenants are getting smarter about their choices. For landlords, early, transparent rent talks can keep good tenants happy and avoid costly turnover.
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