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Anyone else notice that rents are going up?

Anyone else notice that rents are going up?

Old Jan 2nd 2008, 6:58 am
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Default Anyone else notice that rents are going up?

My husband went to look at a recently vacated place before I moved over here. The advertised weekly rent for the house on Varsity Lakes (with air con, 4 beds and a pool) was $600, agent told him that same time last year they were struggling to get $500 for it and it was empty for a while.

A day later she phoned him and said she'd made a mistake and the rent was supposed to be $620, he said he wasn't interested so someone else took it on.

A unit exactly the same as ours was advertised for sale about 2 months back, ad said it had a sitting tenant paying $450, but that there was potential to increase this. It's certainly a lot less than we're paying.

Do you think it's just supply and demand, or are higher interest rates also pushing rents up?
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Old Jan 2nd 2008, 7:06 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Nerine View Post

Do you think it's just supply and demand, or are higher interest rates also pushing rents up?
Combination of both I would hazzard a guess.

To my knowledge, if the home is vacant obviously the owner can up the price, once rented out , i think they lock you into a yrly fixed deal.

With increasing rates, its bound to be fueling the higher prices. I just hope we dont get thrust into negative equity like the scenes of the early 90s
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Old Jan 2nd 2008, 7:18 am
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Default Re: Anyone else notice that rents are going up?

I'm flat hunting at the moment - have been looking seriously since October as my lease ends on 16h Jan - the rents are getting really scary but there's still a queue of people willing to pay
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Old Jan 2nd 2008, 7:43 am
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Default Re: Anyone else notice that rents are going up?

From experience the rental companies seemed to think they could up the rents from November to February, we bought instead so I've no idea if they managed to keep the prices up after that. From February onwards there are definitely more rentals around (well there were after we bought) so maybe the prices will come down again.
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Old Jan 2nd 2008, 7:57 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Eastend Girl View Post
I'm flat hunting at the moment - have been looking seriously since October as my lease ends on 16h Jan - the rents are getting really scary but there's still a queue of people willing to pay
May not be willing to pay, but if you want a roof over your head its a case of having to pay.
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Old Jan 2nd 2008, 9:26 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Pollyana View Post
May not be willing to pay, but if you want a roof over your head its a case of having to pay.

Exactly right!
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Old Jan 2nd 2008, 9:28 am
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Default Re: Anyone else notice that rents are going up?

House prices are shooting up and its still way cheaper to rent than buy.
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Old Jan 2nd 2008, 11:57 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Nerine View Post
My husband went to look at a recently vacated place before I moved over here. The advertised weekly rent for the house on Varsity Lakes (with air con, 4 beds and a pool) was $600, agent told him that same time last year they were struggling to get $500 for it and it was empty for a while.

A day later she phoned him and said she'd made a mistake and the rent was supposed to be $620, he said he wasn't interested so someone else took it on.

A unit exactly the same as ours was advertised for sale about 2 months back, ad said it had a sitting tenant paying $450, but that there was potential to increase this. It's certainly a lot less than we're paying.

Do you think it's just supply and demand, or are higher interest rates also pushing rents up?

I'm fascinated by these threads,nobody seems to want to pay for anything.

You have 3 chioces

Rent,

Buy ,

Homeless.

Every 6 months or so there are letters in the West Australian about greedy landlords making a fortune from negative gearing,the govt should do something about it,raise their taxes,it is all wrong.The word negative means loss,the landlord is subsidising your (collective noun) standard of living.The govt will subsidise the loss through the tax system @30%.Eventually (hopefully ) they will get this money back through CGT and income tax ,should the property become positively geared or be sold. Far cheaper for the govt to subsidise private landlords than build public housing.

Rough detail is, to buy a house with a 350k mortgage you are looking at 28k per year plus outgoings,insurances,repairs etc.Mortgage rate of 8%..Say 35k per year. Without reducing the loan.

To rent the same place would cost 14-15k per year ,in WA.

Rent

Buy

Homeless.

Whichever of the first two are chosen the roof over your head will be the most expensive thing in your life.
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Old Jan 3rd 2008, 5:19 am
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Default Re: Anyone else notice that rents are going up?

Only 3?

Live with the inlaws

Get a job with live-in accommodation

Buy a Boat

It's a free market and landlords will charge what they think that market will stand.

Guess eventually the rents will go so high that the negative gearing will disappear and then they'll unload them, great.....lots of cheap property flooding the market?
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Old Jan 3rd 2008, 7:21 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Nerine View Post
My husband went to look at a recently vacated place before I moved over here. The advertised weekly rent for the house on Varsity Lakes (with air con, 4 beds and a pool) was $600, agent told him that same time last year they were struggling to get $500 for it and it was empty for a while.

A day later she phoned him and said she'd made a mistake and the rent was supposed to be $620, he said he wasn't interested so someone else took it on.

A unit exactly the same as ours was advertised for sale about 2 months back, ad said it had a sitting tenant paying $450, but that there was potential to increase this. It's certainly a lot less than we're paying.

Do you think it's just supply and demand, or are higher interest rates also pushing rents up?
We were paying 465 for our place. The landlord then wanted an extra $65 per week!! We moved!

Cheers

Ginny
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Old Jan 3rd 2008, 7:24 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Nerine View Post

Guess eventually the rents will go so high that the negative gearing will disappear and then they'll unload them, great.....lots of cheap property flooding the market?
ie and i can see pigs flying too
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Old Jan 3rd 2008, 7:46 am
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Default Re: Anyone else notice that rents are going up?

well we live in hope. I'm waiting to see if the slowing in house sales that NZ is experiencing crosses the Tasmin.
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Old Jan 4th 2008, 11:16 am
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Default Re: Anyone else notice that rents are going up?

We were paying $360 per week for our 4 bed house in a complex at the beginning of the year. We are in our own house now but have just bought a 3 bed town house in a complex as an investment and the rent there is $325...........so rents have increased considerably..........not complaining though now as I am a landlord.
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Old Jan 4th 2008, 12:32 pm
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Default Re: Anyone else notice that rents are going up?

I think we've been pretty decent landlords then... only increased the rent by 17% in 2 years.

Mrs JTL
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Old Jan 5th 2008, 12:12 am
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Default Re: Anyone else notice that rents are going up?

Originally Posted by Nerine View Post
My husband went to look at a recently vacated place before I moved over here. The advertised weekly rent for the house on Varsity Lakes (with air con, 4 beds and a pool) was $600, agent told him that same time last year they were struggling to get $500 for it and it was empty for a while.

A day later she phoned him and said she'd made a mistake and the rent was supposed to be $620, he said he wasn't interested so someone else took it on.

A unit exactly the same as ours was advertised for sale about 2 months back, ad said it had a sitting tenant paying $450, but that there was potential to increase this. It's certainly a lot less than we're paying.

Do you think it's just supply and demand, or are higher interest rates also pushing rents up?
Yes, ABC's Mediawatch noticed it a while back. Anyone thinking of renting show read the following and be forewarned:

http://www.abc.net.au/mediawatch/tra...s/s1857681.htm
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