Tenants are being to asked pay $10 a week more to rent a house and unit rents have surged $20 a week in recent months, according to Domain data that shows cost-of-living pressures are compounding.
An estimated 500,000 Australians moved overseas following the pandemic, a trend which should have resulted in less demand for homes and subsequently, cheaper rents. However, with recordlow vacancy rates and an increase in rents, Melbourne is on the verge of a rental crisis.