We provide expert property management in Newcastle and Lake Macquarie. Based in Charlestown NSW, we have been delighting Newcastle property investors with our personal, professional service since 2011.
Renters are being warned to brace for continued rent price increases in 2022 as shortages in rental supply, and the end of stagnated population growth, drive up competition for available properties.
The number of available rental properties has continued to trend down since mid-2020, heavily influenced by the many knock-on effects of COVID-19. According to realestate.com.au, across our capital cities, the median cost to rent a property has increased by 6.7% over the past 12 months, which equates to $1500 per year. In regional areas, growth has been even more significant, with median rents up 8.5%, or $1600 per year.
Within the Newcastle and Lake Macquarie areas specifically (not at the national aggregated regional level reported by realestate.com.au), the increase in rents has been more dramatic still.
Newcastle and Lake Macquarie Rents Have Increased Dramatically In The Past 12 Months
Last September we wrote an article "How Is The Rental Market In Newcastle and Lake Macquarie? (September Update)". In it, we highlighted how Newcastle and Lake Macquarie median weekly rents had changed year on year as at September 2021.
Taking a look at the latest rental data as at February 2022 courtesy of SQM Research, an update on these findings is as follows:
Remember, from the data reported by realestate.com.au, nationally regional rents have increased 8.5% year on year. The results across these sample suburbs of Newcastle and Lake Macquarie show rental increases have been even more pronounced locally.
Increases In Views Per Rental Listing
In addition to sharp rental price growth, realestate.com.au data shows that average views per rental listing have grown significantly, to the point that six out of the eight states and territories set new average views per rental listing records in January 2022.
Why Rents Will Continue to Rise in 2022
There is much speculation of what will happen next with regard to both sale prices and rental pricing for properties as we continue into 2022.
From the rental perspective, there are several factors which suggest rent price growth is not likely to taper off any time soon:
What Does All This Mean For Renters?
With continued surges in rental asking prices expected throughout 2022, we recommend that renters:
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.