Brisbane residents hit with unprecedented streak of rent hikes

ABC NEWS (Australia)

Rental prices are continuing to increase around the country placing even more stress on tenants. Brisbane residents have been hit with an unprecedented streak of rent hikes.

Transcript

00:00 Renters are feeling the pinch in an already competitive market.

00:07 Applicants searching for a new address are willing to go the extra mile.

00:11 We've gotten our application pretty airtight and we're not even getting a look in.

00:15 Harry Tyrrell recently moved to Brisbane from Melbourne with his partner.

00:19 They're now keen to secure a lease.

00:22 That's the general consensus that we get, that everybody out there is actually offering a fair, substantial amount more than what is advertised.

00:29 It's a similar story for Chloe Heard, looking for a change after three years.

00:34 Move closer to work perhaps and maybe adopt a dog, so looking for maybe a house, I'm in an apartment at the moment.

00:41 Her rent has increased twice.

00:43 It went up to $470 and now it's $500. And it's just recently gone on the market and now it's up to $600.

00:50 New figures show the price of renting is continuing to increase across the country.

00:54 Brisbane has been hit particularly hard with the cost of renting a unit going up across 10 consecutive quarters.

01:01 This is now the longest and the steepest stretch of rising asking rents that the City of Brisbane has ever experienced.

01:09 The tight conditions come down to basic economics, a shortage in the supply of rental properties and an increasing number of applicants.

01:17 Rocking up to every inspection there's been about 40 to 50 people looking at the same property, so that can be a bit disheartening.

01:25 Despite the squeeze, real estate agents have an optimistic message.

01:29 If you like it, put in an application and we will look through all of them and you may just be the one that gets it.

01:34 be the one that gets it.

01:34 [BLANK_AUDIO]

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